Official publication released by the EPFO :OPTION TO BECOME MEMBER OF EPS, 1995 MEMBERS OF EFPS - RETIRED FROM 1.4.93

 Official publication released by the EPFO :OPTION TO BECOME MEMBER OF EPS, 1995 MEMBERS OF EFPS - RETIRED FROM 1.4.93

 

Official publication released by the EPFO in January 2001 titled Handbook on Employees’ Pension Scheme 1995 (Containing Scheme, Clarifications, Forms & Returns and Guidelines on Exemption) .

 The same Official Handbook once again with a request to kindly go through the same particularly Page Nos. 34, 53-54 of the PDF file (Page Nos. 27, 45-46 of the Handbook).  

The relevant contents of the Page no. 34 & 53 of Pdf file (Page no. 27 & 45 of the Handbook) are also being re-produced hereunder for your ready reference.  This clarifies that a member of erstwhile Employees' Family Pension Scheme; 1971 can also become a member of EPS’95 Scheme on payment of differential amount with interest @8.5% retrospectively.

MEMBERS OF EFPS - RETIRED FROM 1.4.93 ONWARDS - OPTION ADMISSIBLE

 (iv) Such of the EPF/FPF members who retired from service from 1.4.1993 onwards and settled their PF accounts may also opt to join the Employees' Pension Scheme, 1995 from the date of exit by refunding the withdrawal benefit availed of with interest calculated @ 8.5% per annum as provided in sub-para (2) of para 17 of the Employees' Pension Scheme, 1995. 

[C.P.F.C.'s circular No:2(l)Clarificationl96. dated 22'" December, 1995 and No:2(4) Clarification/96, dated 23rd May, 1996.]

PARA 17 

OPTION TO BECOME MEMBER OF EPS, 1995 FROM A RETROSPECTIVE DATE CALCULATION OF AMOUNT TO BE DIVERTED/DEPOSITED FROM PF ACCOUNT TO PENSICN FUND ACCOUNT - INTEREST PAYMENT FROM WHICH DATE. 

Contribution has to be worked out on actual wages of each member for the relevant period from 1.3.1971 to 15.11.1995. In case of difficulty the same may be worked out on a standard basis following the wage ceiling limit that was prescribed from time to time with interest thereon calculated @ 8.5% per annum uniformly compounded on annual basis. The amount so arrived at shall become payable on 16.11.1995. The interest @ 8.5% from 16.11.1995 to the date of actual remittance of the amount by the member concerned to the credit of the Pension fund need be worked out and added further. 

[C.P.F.C.'s circular No: Pensionl3/41 97/AP, dated 21st March, 1997.]

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