EPFO Pension update 2024: Important Changes to Withdrawal Benefits Under EPS 95 Explained

Title: EPFO Pension update 2024: Important Changes to Withdrawal Benefits Under EPS 95 Explained

#PensionScheme #2024Amendment #EmployeesPension

         ▶️ The Employees’ Pension (Second Amendment) Scheme, 2024 introduces a revised Table-D under the Employees’ Pension Scheme, 1995, which outlines the return of contributions upon exit from employment based on months of service. The new table specifies the proportion of wages payable upon exit, starting from 0.08 for one month of service and incrementally increasing to 9.33 for 113 months or more of service. This amendment aims to provide a clearer & more structured approach to pension returns based on service duration.

The key points:
1. Introduction of the Employees’ Pension (Second Amendment) Scheme, 2024.

2. Replacement of the previous Table-D with a new one.

3. Explanation of how the return of contributions is calculated based on the duration of service.

4. Highlight the incremental values for each month of service from 1 to 113 months, showing the proportion of wages payable upon exit.

 Resources Mentioned:

https://www.epfindia.gov.in/site_docs/PDFs/Circulars/Y2024-2025/Circular_Pension_TableD_24062024.pdf