Over 17 months and counting. That’s how long members of the Employees’ Pension Scheme (EPS) have been waiting to see the implementation of the November 2022 Supreme Court ruling on higher pension. While they still have hope, there is little clarity on when the apex court’s ruling will be implemented by the Employees’ Provident Fund Organisation (EPFO), which has been processing hundreds of thousands of application forms.
In all, the EPFO had received 1.75 million applications for higher pension. This includes about 410,000 applications from pensioners who had retired before September 1, 2014, and another 1.34 million from members under the joint option (where their salaries exceeded the cap of ₹15,000). By December 2023, about 1.17 million applications were still at various stages of validation by employers and it is unclear how long it will take to process these. EPFO, the retirement fund manager, had also sent out more than 42,000 demand notices for additional payment by members opting for higher pension to deposit funds to meet payments for past dues. “The first leg of the process—submitting applications—is now over. The EPFO is understood to be processing these applications. Members whose applications are found in order in all respects should hear about the amount to be transferred from the EPF account to the EPS sometime soon, if [they have] not heard so far,” says Kuldip Kumar, Partner with tax consulting firm Mainstay Tax Advisors.
DECODING EPS 1995
This story is from the May 26, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 26, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky