Retirement fund body EPFO has asked its field offices to provide an option for higher pension to eligible subscribers in accordance with the Supreme Court order on November 4.
According to the Employees Provident Fund Organisation (EPFO) circular onDecember 29, the field offices have been directed to implement “the directions contained in para 44 (ix) of the SupremeCourt judgment on November 4, 2022” within stipulated timeline and to ensure adequate publicity of the decision taken by the EPFO to implement the said directions.
Earlier in November, the Supreme Court had upheld the Employees Pension(Amendment) Scheme 2014.
The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent on their actual salaries (if it exceeded the cap) towards the EPS. It gave all EPS members, as on September 1, 2014, six months to opt for the amended scheme.
The apex court in its order gave four more months to eligible subscribers to opt for higher pension under EPS95.
The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16per cent of the salary exceeding Rs 15,000 per month.
This will facilitate the subscribers to contribute higher to the scheme and get more benefits.
IOB gets new chief executive
Chennai: Public sector Indian Overseas Bank has elevated Ajay Kumar Srivastava as its managing director and chief executive officer with effect from January 1, the bank said on Saturday.
Prior to taking up the new role, Srivastava was serving the bank as its executive director.
Srivastava commenced his banking career as a probationary officer in Allahabad Bank in 1991.
After serving over 27 years, he joined Indian Overseas Bank in October 2017.
At Indian Overseas Bank, he had a very challenging journey and handled all the departments and portfolios.
He made strategies for each of the key areas and successfully implemented them at the ground level with the support from the board, the statement added.
PTI
