News & Media 27th Feb 2024
There have been reports that EPFO has adopted a new rule for calculating higher EPS pension for members who have retired on or after September 1, 2014. The purported rule is based on giving higher pension on a pro-rata basis, which is likely to result in 30% to 40% lower pension for EPS-95 members.
Naveen Kumar from Economic Times writes on “Will higher EPS pension dream collapse due to EPFO’s new calculation rules?” with insights from PV Murthy, Head, Labour & Employment Practice.
He says, “As per the communication from the EPFO (Employees’ Provident Fund Organisation) offices in various places, it is true that the service period of an employee who has opted for higher pension is split into two parts,