Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has introduced that Pensioners underneath the (EPFO) can submit their life certificates on-line at anytime of the 12 months.
In a tweet, the EPFO mentioned,”EPS’95 Pensioners can now submit Life Certificate at any time which will be valid for 1 year from date of submission.” The EPS-95 got here into drive on 19 November 1995. The Employees’ Provident Fund Organization (EPFO) has facilitated a number of choices for EPS pensioners to submit their Digital Life Certificate(DLC), near their dwelling or at their doorstep. Jeevan Pramaan Patra (JPP) submitted via all these modes/businesses are equally legitimate.
How to submit Digital Life Certificate(DLC): A Primer
In addition to the 135 regional workplaces and 117 district workplaces of EPFO, EPS pensioners can now submit DLC at pension disbursing financial institution department and nearest put up workplaces. DLC will also be submitted at nation-wide community of over 3.65 lakh Common Services Centers (CSC). Apart from this, EPS pensioners may also submit DLC utilizing the UMANG app.
India Post Payments Bank (IPPB) has launched the doorstep Digital Life Certificate (DLC) service for pensioners. EPS pensioners can now submit on-line request for availing doorstep DLC service on fee of a nominal payment. A postman from the closest Post Office will go to a pensioner and full the method of producing DLC on the dwelling of the pensioner solely.
As per pointers, EPS pensioners can now submit DLC at any time throughout the 12 months, as per their comfort. The life certificates will stay legitimate for one 12 months from date of submission of DLC. The pensioners who’ve been issued Pension Payment Order (PPO) in 2020 needn’t add JPP until completion of 1 12 months. Earlier, all EPS pensioners had been required to submit the DLC within the month of November. This resulted in difficulties confronted by pensioners attributable to lengthy queues and generated rush for submission of Digital Life Certificate.
“The EPS, 1995 is a ‘Defined Contribution-Defined Benefit’ Social Security Scheme. The corpus of the Employees’ Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages, up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as of 31 March 2019, there is an actuarial deficit,” based on an announcement by the Union Ministry of Labour & Employment.
“The provisions of the EPS-95 are reviewed from time to time based on the recommendations of the Expert Committee and the High Empowered Monitoring Committee as well as taking into account the actuarial evaluation of the Employees’ Pension Fund,” based on an announcement by the Union Ministry of Labour & Employment.
Some of the vital amendments made in EPS-95 are as underneath:
Increase in wage ceiling from Rs. 6500/- to Rs.15000 per 30 days from 01.09.2014.
Provision of a minimal pension of Rs. 1000 per 30 days to the pensioners underneath EPS, 1995 from 1 September 2014 by offering further budgetary assist wherever the pension was falling in need of Rs.1000 as per pre-defined system for calculation of pension.
Restoration of regular pension after completion of fifteen years from the date of such commutation, in respect of these members who availed the advantage of commutation of pension underneath the erstwhile paragraph 12A of the EPS, 1995, on or earlier than 25 September 2008 vide notification G.S.R.132(E) dated 20 February 2020.
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