{"id":46421,"date":"2016-05-09T14:30:10","date_gmt":"2016-05-09T09:00:10","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=46421"},"modified":"2016-06-27T17:54:49","modified_gmt":"2016-06-27T12:24:49","slug":"employees-pension-scheme-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/05\/09\/employees-pension-scheme-2016\/","title":{"rendered":"Employee’s Pension Scheme, 2016"},"content":{"rendered":"

The Central Government in exercise of the powers conferred by\u00a0 6A read with section 7(1) of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, makes Employees’ Pension (Second Amendment) Scheme, 2016 in order to amend the Employees\u2019 Pension Scheme, 1995. The said Rules will come into force on the date of their publication in the Official Gazette, namely –<\/p>\n

    \n
  1. In the Employees’ Pension Scheme, 1995 in paragraph 12, after sub-paragraph (7A), the following sub-paragraph shall be inserted, namely:-<\/li>\n<\/ol>\n

    \u201c(7B) (a) A member who has attained the age of fifty-eight years and is otherwise eligible for pension under clause (a) of sub-paragraph (1) of this paragraph, if he so desires, may be allowed to defer the age of drawing pension later than fifty-eight years but not beyond sixty years of age.<\/p>\n

    (b) In such cases as is referred to in clause (a),-<\/p>\n

    (i) the amount of pension shall be increased at the rate of four per cent. for every completed year after the age of fifty-eight years which shall be restricted to the wage ceiling given under the proviso to sub-paragraph (2) of paragraph 3;<\/p>\n

    (ii) the member, at his or her option, may also be allowed to continue contributions under paragraph 3 to the Employees\u2019 Pension Fund for the period for which the drawal of pension has been deferred, if the member is continuing in employment after the age of fifty-eight years, and the pensionable service and pensionable salary for the purpose of determination of pension under sub-paragraph (2) will be reckoned taking into account the period for which contributions were made after the age of fifty-eight years but not beyond the age of sixty years;<\/p>\n

    (iii) in the event of death of the member, who has opted for deferring the age of drawing pension under this sub-paragraph, after attaining the age of fifty-eight years and before the commencement of the pension so deferred, the family of the member will be entitled to pension under clause (c) of sub-paragraph (1) of paragraph 16 from the date following the date of death of the member<\/p>\n

    fifty-eight years, and the pensionable service and pensionable salary for the purpose of determination of pension under sub-paragraph (2) will be reckoned taking into account the period for which contributions were made after the age of fifty-eight years but not beyond the age of sixty years;<\/p>\n

    (iii) in the event of death of the member, who has opted for deferring the age of drawing pension under this sub-paragraph, after attaining the age of fifty-eight years and before the commencement of the pension so deferred, the family of the member will be entitled to pension under clause (c) of sub-paragraph (1) of paragraph 16 from the date following the date of death of the member as if the member monthly pension had commenced on the date of death of the member.\u201d.<\/p>\n

    *Picture Credits: www.financialexpress.com<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Central Government in exercise of the powers conferred by\u00a0 6A read with section 7(1) of the Employees’ Provident Funds and Miscellaneous <\/p>\n","protected":false},"author":3,"featured_media":46431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[5161],"class_list":["post-46421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates","tag-pension-scheme"],"yoast_head":"\nEmployee's Pension Scheme, 2016 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/05\/09\/employees-pension-scheme-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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Court upholds validity of amended Employees\u2019 Pension Scheme but reads down certain provisions; Explains applicability of pre & post amendment Scheme","author":"Prachi Bhardwaj","date":"November 5, 2022","format":false,"excerpt":"The requirement of the members to contribute at the rate of 1.16 per cent of their salary to the extent such salary exceeds Rs.15000\/- per month as an additional contribution under the amended scheme has, however, been held to be ultra vires the provisions of the 1952 Act. The Court\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-8-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-8-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-8-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-8-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-8-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7284,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/09\/02\/union-government-released-rs-2000-crore-to-employees-pension-scheme-1995\/","url_meta":{"origin":46421,"position":1},"title":"Union Government released Rs. 2000 crore to Employees\u2019 Pension Scheme, 1995","author":"Sucheta","date":"September 2, 2015","format":false,"excerpt":"The Union Government has released a sum of rupees 2,000 crore to the Employees Pension Scheme (EPS), 1995 as its contribution for the year 2015-2016. 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(1) This Scheme may\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":291399,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/05\/govt-notifies-social-security-code-effective-date-for-pf-pension-scheme-provisions\/","url_meta":{"origin":46421,"position":4},"title":"Government notifies effective date of Social Security Code provisions relating to Provident Fund Scheme","author":"Kriti","date":"May 5, 2023","format":false,"excerpt":"The Ministry of Labour and Employment appoints 3-5-2023 as the date on which the following provisions of the Social Security Code, 2020 came into force\u2014 1. Section 15 (3) relates to \u201cSchemes\u201d and talks about any or all of its provisions to take effect either prospectively or retrospectively on and\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"ministry of labour and employment\u00a0","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/ministry-of-labour-and-employment-.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/ministry-of-labour-and-employment-.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/ministry-of-labour-and-employment-.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/ministry-of-labour-and-employment-.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":224362,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/22\/jhar-hc-employee-is-entitled-to-superannuation-pension-only-if-he-has-rendered-eligible-service-of-ten-years-or-more-before-attaining-the-age-of-58-years\/","url_meta":{"origin":46421,"position":5},"title":"Jhar HC | Employee is entitled to superannuation pension only if he has rendered eligible service of ten years or more, before attaining the age of 58 years\u00a0","author":"Bhumika Indulia","date":"January 22, 2020","format":false,"excerpt":"Jharkhand High Court: A Division Bench of Aparesh Kumar Singh and Kailash Prasad Deo, JJ. was hearing a writ petition of mandamus under Article 226 of the Constitution of India pertaining to the validity of allowance of pension under the Employments Pension Scheme, 1995. 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