Latest Amendments in Provident Fund w.e.f. 01.09.2014

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Latest amendments in Provident
fund is that who on or after the 16th November, 1995,become
a member of Employees’ Provident Fund Scheme,
1952, or of the Provident Funds of
the factories and other establishments exempted by the appropriate Government
under section 17 of the Act, or in whose case exemption has been granted under
Paragraph 27 or 27-A of the Employees’ Provident
Fund Scheme, 1952 or whose pay on such date is less than or equal to
15000/- rupees from the date of such membership.


Determination of Pensionable
Salary:

Pensional Salary shall be average monthly pay
drawn (in any manner including
on piece-rate basis) during the contributory period of service in the span of
60 months preceding the date of exit from the membership of the Employees’ Pension
Fund and the pensionable salary shall be determined on prorata
basis for the pension service up-to
01.09.2014, subject of a maximum of Rs. 6500/- PM and for the period thereafter
Rs. 15000/- PM.

“Provided that
if a member was not in receipt of full pay during the period of 60 months
preceding the day he creased to be the member of Pension Fund, the average of
previous 60 months full pay drawn by him during the period for which
contribution to the
 pension fund was recovered, shall
be taken into account as pensionable salary for calculating pension”.

(4) Inserted: Existing
Members already contributing on salary exceeding Rs. 6500/-, may continue to
contribute on salary exceeding Rs. 15000/- by a fresh option.  In this
case additional contribution @ 1.16% is to be made from employee contribution
on salary exceeding Rs. 15000/-.

Fresh Option for additional contribution to EPS
on salary exceeding Rs. 15000/- can be made up to 01.032015 and the date can be
extended further up-to 01.09.2015 if RPFC is satisfied by the cause.

If no fresh option has been made, the
contribution on salary exceeding Rs. 15000/- to EPS will be
diverted/transferred back to EPF Account with specified interest.
Changes by EPS (Amendment 2nd)-2014
Monthly Member’s Pension:
7(A) Inserted:  The monthly members’ pension including any relief payable to
any existing or future member under this paragraph shall not be less than
1000/- rupees.
Benefits on permanent and total disablement during the
service:

A member, who is permanently and totally disabled during the
employment shall be entitled to pension as admissible under paragraph 12 as the
case may be subject to a minimum of Rs. 250/- per month notwithstanding the
fact that he/she has not rendered the pensionable service entitling him/her to
pension under paragraph 12 provided that she/he has made at lease one month’s
contribution to the Pension
Fund.
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