Instructions in compliance of orders contained in para 44 (iii) and (iv) read with para 44 (v) of Hon’ble Supreme Court judgment dated 4/11/2022 in the matter of Special Leave Petition ( C ) Nos. 8658 – 8659 of 2019
Contents News/Article Date:20th February 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Applicable to which State: All the establishments in the States with PF coverage
Type: EPFO Circular No. Pension/2022/56259/6541 dated 20/2/2023 issued by Regional PF Commissioner (Pension)
Pertains to: Establishments and Members of PF Fund
Relevance of this news: Karma Global has been in the business of HR Services, Payroll, Outsourcing, and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory, and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Management is also fully into labour compliances for nearly 18 years and is helping both establishments and workers fulfill obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment, and governance.
And in this instance: The Employees’ Provident Fund Organisation (EPFO) issued a circular on February 20, 2023, for employees who were members of the EPS-95 scheme on August 31, 2014, on how they can apply for higher pension. Do note that this is the last chance for eligible employees to opt for a higher pension from EPS.
If you have been a member of the Employees’ Pension Scheme (EPS) before August 31, 2014 — and continue to be one even now — you have another window to opt for a higher pension. The Employees’ Provident Fund Organisation (EPFO) issued a circular on February 20, 2023, with guidelines on how eligible employees who missed out on opting for higher pensions under the EPS can now apply for it.
The circular confirms that employees who have been contributing towards the Employees’ Provident Fund on full basic salary (not capping contributions on Rs. 15,000) have not opted for higher pension in the past, were members of the Employees’ Pension Scheme prior to 1 Sep 2014 and continued to be members on or after 1 Sep 2014 can opt for a higher pension now.
Subject: Instructions in compliance of orders contained in para 44 (iii) and (iv) read with para 44 (v) of Hon’ble Supreme Court judgment dated 4/11/2022 in the matter of Special Leave Petition (C) Nos. 8658 – 8659 of 2019
Attached is the notification