PENSION PRESENTATION.ppt - CONTENTS PENSION NEED FOR...

  • No School
  • AA 1
  • 63

This preview shows page 1 - 14 out of 63 pages.

C O N T E N T S PENSION ? NEED FOR PENSION? PENSION KITTY. OLD FAMILY PENSION SCHEME 1971. NEW PENSION SCHEME – EPS 1995. SUPREME COURT VERDICT EPS’95 – INTRODUCTION EPS’95 – OPTION TO JOIN EPS’95 – CONDITION FOR EXISTING MEMBERS. EPS’95 – FUNDING EPS’95- TYPES OF PENSION EPS’95 QUANTUM OF PENSION EPS’95 – PENSION FORMULA. MONTHLY MEMBERS PENSION MONTHLY WIDOW PENSION MONTHLY CHILDREN PENSION MONTHLY ORPHAN PENSION COMMUTATION RETURN OF CAPITAL -1,2,3. SCHEME CERTIFICATE EXEMPTION. EPS’95 – BENEFITS TO MEMBER EPS’95 – BENEFITS TO FAMILY MEMBERS RELIEF TO BENEFICIARIES PENSIONERS AS ON 30.11.07
Image of page 1

Subscribe to view the full document.

EMPLOYEES’ PENSION SCHEME, 1995 1. What is a PENSION?. Deferred Salary – A SOCIAL SECURITY BENEFIT. A Regular Monthly Payment. Pension for superannuated employees / including Family Pension.
Image of page 2
NEED FOR PENSION TO WORKING CLASS WAS FELT AS EARLY IN 1952 “ What we need is a Pension system. Because we do not have the resources, for the time being we are putting a P.F. System.” – The then Union Labour Minister, when introducing the EPF Act in Parliament.
Image of page 3

Subscribe to view the full document.

NEED FOR PENSION TO WORKING CLASS WAS FELT AS EARLY IN 1952 Family Pension Scheme in the Year, 1971 with effect from 01.03.1971. Insurance cover through Employees’ Deposit Linked Insurance Scheme, 1976 with effect from 01.08.1976. Workers demand for parity in superannuation benefits.
Image of page 4
PENSION KITTY – A BASKET MIXED PARTICIPANTS
Image of page 5

Subscribe to view the full document.

PENSION KITTY – A BASKET Pension depends on contingencies, Age, Wage and Service. Quantum not related to the benefit. Pension is expected to maintain the same living standards of family even after superannuation / death of member.
Image of page 6
NEED FOR PENSION TO WORKING CLASS WAS FELT AS EARLY IN 1952 Longevity from the age 55-60 to 75-80 Provident Fund is no more a Social Security. Eroding Joint Family System. Lack of physical support to aged. To stand on one’s own leg and to receive the due respect from family. A Boon for not only organised sector, but also for unorganised sector.
Image of page 7

Subscribe to view the full document.

EMPLOYEES’ FAMILY PENSION SCHEME, 1971 Commencement Ceased on Rate of Contribution 01.03.1971 15.11.1995 1.16 % of Pay
Image of page 8
Benefit Only on Only Pension to Family Only . Death while in Service One beneficiary at a time . EMPLOYEES’ FAMILY PENSION SCHEME, 1971
Image of page 9

Subscribe to view the full document.

Superannuation Pension on Disablement Provision for commutation or Return of Capital Option to join EPFS -1971- NIL NIL NIL Extended to those member as on 28.02.1971. EMPLOYEES’ FAMILY PENSION SCHEME, 1971
Image of page 10
Image of page 11

Subscribe to view the full document.

SUPREME COURT UPHOLDS DIVERSION OF PROVIDENT FUNDS The SUPREME COURT upheld the validity of the 1996 Government Pension Scheme under which a share of the Employer’s Contribution to the Employees’ Provident Fund was diverted to a Pension Fund that would provide pension after retirement. The Court dismissed 80 odd petitions, mainly by Employees’ Associations, challenging such diversion of Provident Funds .
Image of page 12
EMPLOYEES’PENSION SCHEME, 1995 Effective from 16.11.1995, a Pension Scheme has been introduced for the members by partial diversion of their future Provident Fund contributions.
Image of page 13

Subscribe to view the full document.

Image of page 14
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes