Context
Even though it has been over two months since the Supreme Court of India reiterated its approval of higher pensions, the government has no standing to raise the pensions under the Employees’ Pension Scheme (EPS), 1995.
Background
Judgment by SC in a nutshell:
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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.