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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February 25,2020

The Post Graduate Department of English, St. Agnes College (Autonomous) organized COSMOPOETICA – a Two-Day International Poets Conference, transcending the boundaries of language and bringing together scholars from English, Hindi and Kannada languages. The key-note speaker was Dr Hima Urmila Shetty and the Panel of Experts included Maggie Harris, a Commonwealth short stories award winning poet of Broadstairs, Kent; Dr Kathryn Hummel, a visiting professor at IIT Hyderabad; Prof Raj Rao, acclaimed poet and novelist, former HOD of English, Savithribai Phule University; Lata Chouhan from Bangalore; Vijay Tiwari from Ahmedabad; Dr. Nagaveni Manchi, an acclaimed Poet and Professor, Govt College, Carstreet and Ms. Chandrakala Nandavara, former Principal of Ganapati PU College.

Dr Sr Jeswina A.C., the Principal; Dr Sr Maria Roopa A.C. the Superior and Dr Sr Vinora A.C., graced the occasion.

Dr Geralyn Pinto, the Staff Convenor; Dr Malini Hebbar, the HOD and Ananya Sneha the student Convenor organised the Conference.

The highlight of the Conference was the Poetry Workshop, Slam Poetry Competition in three languages and paper presentations on various aspects of poetry.

Overall the conference drew together poets and academicians to discuss poetry as a genre and practice with ignited minds.

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Media Release
March 3,2020

Mumbai, March 3: Mumbai-based Ed tech startup Caymus Tech Ventures has announced inclusion of courses and programs from Harvard Business School, Chicago Booth, Harvard Kennedy School, Harappa Education, The Wharton School, and Stanford Online.

Lore.online users can now discover, compare, and enroll in both online and offline courses and programs including the following:

●  HBS online programs such as Business Analytics, Management Essentials, and Disruptive Strategy.

●  Select courses from the Harappa Habits framework such as Writing Proficiently, Managing Teamwork, and Negotiating Wisely.

●  The Wharton School and Chicago Booth offline executive education offerings, delivered in an face-to-face format, and that touch on topics such as Global Strategic Leadership, Private Equity and Digital Marketing for Executives.

Emerging leaders can tap these offerings to build skills to complement their formal education and experienced professionals can leverage them to hone new age skills required to manage a younger, more globally aware workforce.

Kavita Mehta, Founder CEO, Caymus Tech, says, “Giving our learners the best-fit options has always been our driving factor, which is why we are excited to announce that learners can now access Harvard Business School's highly coveted online programs on Lore and avail quality learning options from anywhere in the world.”

“We are continuously adding quality course providers like INSEAD and Stanford, whose select courses are also live on the platform”, she adds.

Lore.online has also integrated an assessment system in their Learning Pathways, where after undertaking each course, a report is generated which outlines learners technical and non-technical strengths and weaknesses. The platform now also shows open jobs for which a learner can also apply.

Caymus’ enterprise platform LoreForTeams, which was rolled out in Nov 2019, has been updated with additional features.

The new look now comes with a dashboard, new UI for Lore-curated learning lists, discussion features and a personalised learning feed. LoreForTeams, a learning experience platform (LXP), is aimed at working professionals in mid size companies. By adding the LoreForTeams functionality layer, Caymus aims to offer a revolutionary platform for skilling. This segment is seeing tremendous growth as more working professionals look for learning options to upskill themselves and stay relevant in shifting employment and business environments. The global demand for such platforms is north of $200 billion and in India, demand is nascent yet growing and expected to reach $10 billion by 2025.

Kavita Mehta, Founder CEO, Caymus Tech, says, “We heard what our customers and users were telling us. They want a real time view of what their teams are learning, a two way feedback system, and a more focused curation of learning options. Thus, we decided to add these features in LoreForTeams platform so that learning never stops and working professionals continuously find relevant courses to upskill themselves. Our vision is to democratize learning so that everyone has equal access to the best options out there.”

About Caymus Tech Ventures

Caymus Technology Ventures (Caymus) is a Mumbai-based ed-tech start-up focused on bridging the massive skill gap in the global workforce. The Company was founded in 2018 by Kavita Mehta, who earlier led Asia’s leading education consultancy. Caymus, with its expansive, integrated, and holistic perspective, believes in driving empowerment on the bedrock of education, skills, and technology. The Company‘s robust machine learning (ML) and artificial intelligence (AI) powered platforms help recent graduates and experienced individuals identify targeted opportunities for personal and professional development.

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Media Release
July 12,2020

Mangaluru: COVID-19 has disrupted the traditional academic year.  Due to the on-going pandemic situation and the financial crisis, the management of The Shepherds' International Academy, Mangalore (TSIA) has decided to reduce the annual school fees by 50% for the academic year 2020-21.

In a media release, TSIA correspondent stated that even though the school hasn't met the regular operating expenses, the management's decision is for the benefit of the communities.

The correspondent also informed that TSIA will start online classes  on receipt of the official nod from the Govt. Educational department.

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