Conversion to employees pension scheme 1995

Labour & Industrial 13052 views 3 replies

muhammad shafeeq

partner

29 Points Posted on 26 June 2013

Please suggest the formalities to be followed and also provide forms to be used by a concern who is presently registered under the Employees Provident Fund Act with the Regional Provident Fund Commissioner to convert to Employees Pension Scheme 1995, as the employees feel that by converting to the Employees Pension Scheme 1995 many of the old employees who are working with the concern from the 1980s and are retiring in another 5-6 years will be benefitted to a great extent. Section 17(1c) of the EPF & MP Act 1952 read with Para 39 of EPS 1995 permits conversion from EPF to EPS if it is beneficial to the employees. Please advice me at the earliest

CA Shafeeq

Replies (3)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 06 July 2013

Please find attached scheme

muhammad shafeeq

partner

29 Points Posted on 09 July 2013

Thanks a lot Rama Chary sir.

My query was regarding formalities for conversion from EPF Pension scheme to EPS 1995 scheme and the forms rquired for that. In the attachment i dont find a solution to my problem. Pls see whether you can provide me the forms required for the conversion

Kolluru Krishna Murty

Partner

315 Points Posted on 06 August 2013

Dear Sir,

As far as I know the option has to be exercised in Nov,1995 for conversion from EPF to EPS for the existing members of PF who were there on rolls on the date of discontinuaton of EPF and introduction of EPS.

For the members who join PF Scheme after the date of introduction of EPS it is compulsory to become members of EPS.

For the members who joined after Nov,1995 you have an option to join and pay the arrears.

You may please consult some Legal expert but to my mind there is no option to others as of now.

kkm