Earning more than Rs 15,000 in first job? EPS is not for you

August 26, 2014

New Delhi, Aug 26: Employees with a monthly salary of over Rs 15,000 in their first jobs would no longer be able to contribute to the Employees' Pension Scheme (EPS) run by the provident fund department.

EarningThe move is triggered by fears that the hike in the salary ceiling for statutory PF contributions to Rs 15,000 per month from Rs 6,500 per month, would have a major adverse impact on the Pension scheme's financial viability.

According to the pension scheme's latest valuation to be shared with the PF board on Tuesday, its unfunded liability or deficit has shrunk by around Rs 51,000 crore from around Rs 62,000 crore in 2009 to around Rs 10,900 crore in 2012. The scheme's entry norms are being tweaked to ensure that high-income workers do not abuse the benefits of a deficit-ridden scheme that enjoys a subsidy from the central government.

The finance ministry has called for a fresh valuation to assess the impact of the hike in the salary ceiling on PF contributions and calibrating the scheme's benefits on the basis of a fresh valuation. The last time the salary ceiling was hiked, in 2001, from Rs 5,000 per month to the present Rs 6,500 cap, the pension scheme's liabilities had jumped by Rs 10,000 crore.

Over 8.5 crore formal sector employees have a Provident Fund account, where 24% of their salaries is diverted to guarantee a lumpsum retirement nest-egg and a monthly pension through the EPS. A little over a third of this contribution (8.33% of salary) is parked in the EPS that was launched in 1995 and is the only pension scheme in the world that defines both contributions and benefits.

The government currently brings in around Rs 1,200 crore a year into the nearly Rs 2 lakh crore pension scheme, contributing 1.16% of every scheme member's salary up to the salary ceiling.

Less than 21% of the scheme's beneficiaries get a monthly pension of Rs 1,000 or more, with over a third getting less than Rs 500.

The government has okayed a minimum pension under the scheme o fRs 1,000 along with the hike in the salary ceiling for statutory PF contributions, but the finance ministry has set some stiff riders and conditions before concurring.

The major changes being simultaneously introduced are designed to keep out high income workers from availing the pension scheme that currently offers a pension linked to the salary paid in their last 12 months in service.

Most importantly, the membership of EPS is being restricted to persons whose salary at the time of joining service was less than Rs 15,000, the PF department has informed its board members. If someone's salary moves beyond Rs 15,000 a month during the course of their career, EPS contributions would still be restricted to 8.33% of Rs 15,000.

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Media Release
March 10,2020

The Alumni Association members along with the members of Women’s Cell organized a programme to celebrate Women’s day and felicitate the student achievers in various fields.

The programme began with a prayer song by the members of the Women’s cell. Among the dignitaries were Sr Dr M Jeswina A.C, Principal, St Agnes College, Mrs Geanette Dsouza, Vice President, Agnesian Alumni Association, Ms Vivid Dsouza, Convenor of the programme and Secretary Agnesian Alumni Association, Mrs Jyothi Cutinha, Joint Secretary Agnesian Alumni Association. 

The college president, Ms Jerusha Maben welcomed the gathering followed by a welcome dance. The student achievers of the college were honoured by the Agnesian Alumni Association;

Agnesian Outstanding Leader Award sponsored by Mrs Carol Pais in honour of her parents Mr Philip and Mrs Mariette Pais is awarded to Ms Jerusha Maben of III BCom.

Agnesian All-Rounder Award sponsored by Mrs Marjorie Texeira is awarded to Ms Anna Una Crasta of II MA English.

Agnesian Scholar Award sponsored by Dr Meera Aranha is awarded to Ms Shane Joveeta Jovet of III BCom.

Agnesian Best Sports Woman Award sponsored by Mrs Daisy Coelho is awarded to Ms Anusha K.J of III BSc.

Agnesian Best NSS Volunteer is awarded to Nerissa Clementina Noronha of III BCom.

Agnesian Best NCC Cadet Award (Army Wing) is awarded to CPL Melani Lobo of III BCom.

Agnesian Best NCC Cadet Award (Air Wing) is awarded to CWO Vanditha Anusha Dsouza of III BSc.

Sr Dr M Jeswina AC presided over the programme congratulated all the student achievers and wished them the best.

Mrs Carol Pais compered the programme and Ms Vivid Dsouza, Secretary of Alumni Association proposed the vote of thanks.

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Press Release
January 2,2020

Mangaluru, Jan 2: Shwetha Rasquinha, Assistant Professor and Head of the Department of Social Work, St Aloysius College, Mangaluru, has been awarded Doctor of Philosophy (PhD) degree by the Mangalore University for her thesis titled “Effectiveness of Social work intervention on caretakers of cancer patients- A social work study in Mangalore”.

She did her studies under the guidance of Dr Rameela Shekhar, Professor (Rtd), School of Social work, Roshni Nilaya, Mangaluru.

Ms Shwetha Rasquinha hails from Vittal, D/o Vincent Rasquinha and Late Regina Rasquinha, and is the second person to complete doctoral studies from the Vittal Parish.

Her colleagues and well-wishers have congratulated her for her highest achievement in academics and successful completion of quality research.

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Charles Menezes
 - 
Friday, 3 Jan 2020

Hearty congratulations for your achievements. God bless your mission

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Media Release
March 15,2020

First Steps Pre-School, Kudroli celebrated Red Day on Friday, 14th March 2020 with elegance. To mark the celebration, all the tiny tots wore Red clothing and brought Red coloured fruits, vegetables & toys to share with the class and each pre-schooler briefly described his or her Red item brought to the class. 

The classroom was decorated with red streamers, balloons and table settings. The bulletin board was designed with the word ‘Red’ with pictures of Red animals, vehicles, plants and foods.

The Bloomings were asked to bring Red coloured objects for a ‘Show and Tell’ activity.

The teachers collected the objects from the children and displayed them on a table and taught the names of the objects to the children and also introduced many other facts about them. Students were given a thorough understanding of the colour red through different activities.

The kids actively participated and were very happy and excited. Parents were equally thrilled and overwhelmed due to their child’s participation.

Career Guidance Counsellor, Distinguished Toastmaster (DTM) Shameer Ahmed was the chief guest of the event. He addressed the students on the importance of colours and explained the purpose of conducting such an event to boost the confidence and creative culture in kids.
 
Headteacher Himna S. Ahmed enlightened the importance of colour in our life. She further added that Red is the best colour to create enthusiasm for life and can awaken greater confidence & optimism. In the meaning of colours, Red inspires original thought and inquisitiveness. 

Red is the colour of energy, strength, power, determination as well as passion, desire, and love. Red is a very emotionally intense colour. Children learnt the significance, importance and identification of the colours.

The teachers Himna, Azeema decorated the classrooms with red objects that children can easily identify with. They created beautiful red tables, red drapes, red balloons, red toys, red boxes, red balls, red fruit and vegetable cutouts etc. Everywhere the kids looked, they found something or the other in red. Learning was fun on red day and the children are looking forward to learning about yet another colour.

Event coordinator Shehzan S. Ahmed arranged the event in a skilled manner, which added a feather to the event.

In the end, each child was sent home with a bright Red smiley prop. and the colouring sheets which they coloured as an indoor activity to commemorate the Red day.

The event magnificently concluded with refreshments for the kids of pre-school.

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