Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • Rising Star Leadership Awards
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»Compensation & Benefits»EPFO may amend pension scheme
    Compensation & Benefits

    EPFO may amend pension scheme

    HRK News BureauBy HRK News BureauJanuary 30, 2023Updated:January 30, 20232 Mins Read4062 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    The Ministry of Labour and the Employees’ Provident Fund Organisation (EPFO) are planning to re-examine the Employee Pension Scheme (EPS) so that it becomes more feasible. The aim is to be able to work out ways to raise resources to be able to fund higher pensions every month.

    In November, a Supreme Court ruling had allowed most categories of employees to opt for higher pension, excluding those who retired prior to 1 September, 2014, without exercising their option for higher/ uncapped pension under 11(3); and those who joined on or after 1 September, 2014, with salary exceeding the limit of Rs 15,000 per month.

    The EPFO had issued a circular in December, 2022 offering a chance to only those members who have retired prior to September 1, 2014, to apply for higher EPS pension, provided they had applied for the same before they retired and had their application rejected.

    A follow-up circular is now expected / awaited from EPFO indicating that the higher pension option is applicable to other categories of employees/ pensioners, too, in compliance with the Supreme Court Order of November, 2022.

    The Supreme Court’s November ruling regarding higher pension has naturally increased the financial pressure on the EPFO’s pension payouts. Therefore, it is now being forced to closely examine exactly how much the liability will increase.

    The matter will be discussed in detail in February at the meeting of the Central Board of Trustees of the EPFO.

    It is a cause of worry that the contributions by existing members has dwindled, while the number of pensioners has increased. With demands to increase the minimum monthly pension, the very feasibility of the social security scheme is being questioned.

    amend pension scheme employees provident fund EPFO feasibility limit pension pension scheme Provident Fund retirement fund Social security viability
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    20 − 3 =

    Related Posts

    Telstra to cut 550 jobs in latest phase of overhaul

    July 11, 2025

    Internal criticism hits Meta’s AI division amid growing discontent

    July 11, 2025

    Boss allegedly targets employee for using ‘open to work’ tag on LinkedIn

    July 11, 2025

    TCS’ net headcount increases by 5,090 employees in the June quarter

    July 11, 2025

    QUICK HR INSIGHTS

    EDITOR'S PICKS

    How a thumbs-up became a generational minefield

    July 11, 2025

    Why HR must unite hiring and development to survive

    July 10, 2025

    The 5-to-9 Trap: Is Gen Z’s quest for perfect evenings fuelling a new burnout?

    July 9, 2025

    How AI is creating a workforce of the mentally walking dead

    July 8, 2025
    Latest Post

    Telstra to cut 550 jobs in latest phase of overhaul

    News July 11, 2025

    Telstra, the Australian telecommunications provider, has announced plans to reduce its workforce by 550 employees…

    Internal criticism hits Meta’s AI division amid growing discontent

    News July 11, 2025

    Meta’s artificial intelligence ( AI) division is facing fresh internal criticism as concerns about its…

    NASA to lose over 2,000 senior employees amid budget restructuring

    Global HR News July 11, 2025

    In a significant shake-up at the US National Aeronautics and Space Administration (NASA), over 2,100…

    Boss allegedly targets employee for using ‘open to work’ tag on LinkedIn

    News July 11, 2025

    A workplace incident has sparked conversation on Reddit after an Indian employee claimed they were…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.