Context
In a significant ruling, the Supreme Court upheld the Employees’ Pension (Amendment) Scheme, 2014, allowing another opportunity to members of the Employees’ Provident Fund Organisation (EPFO), who have availed of the EPS, to opt for higher annuity over the next four months.
Judgment in a nutshell
There are about 1,300 companies in the list of the EPFO’s exempted establishments. |
What was the Employees’ Pension Scheme (EPS), 1995?
Understanding the Pension Maths:
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What changed with the 2014 Amendment?
Employment Provident Fund Organisation (EPFO): EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members. The central board of trustees which administers the EPFO runs three schemes - EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). |
Verifying, please be patient.