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.

Earning The 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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Shwetha Rasquinha conferred doctorate by Mangalore University

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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Hearty congratulations for your achievements. God bless your mission

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CBSE: Core objective of NEP will be translated into action through NCF

News Network

August 9,2020

The core objective of the new National Education Policy (NEP), which has given freedom for amalgamation of different concepts, will be translated into action through the National Curriculum Framework, CBSE director said on Friday.

CBSE Director Biswajit Saha made the comments during an e-conclave on the new NEP organised by the PHD Chamber of Commerce and Industry.

“The core objective of the policy will be translated into action through the National Curriculum Framework (NCF), which needs more participatory approach. The policy has given freedom for amalgamation of different concepts and multidisciplinary approach. The NCF will give a roadmap for implementation of reforms laid down in the policy,” he said.

Saha said the training required for competency-based education and learning outcomes can be achieved with progressive participation of stakeholders.

“There could be a debate about the training required for competency-based education and learning outcomes but once we have decided we want to do it, it can be achieved with progressive participation of stakeholders. It is a forward-looking policy,” the Central Board of Secondary Education (CBSE) director said.

The NEP approved by the Union Cabinet replaces the 34-year-old National Policy on Education framed in 1986 and is aimed at paving the way for transformational reforms in school and higher education systems to make India a global knowledge superpower.

Choice between 3 or 4 year undergraduate courses, multiple entry and exit options in degree courses, adding 3.5 crore seats in higher education institutions, which will now have a single regulator, discontinuation of M.Phil programmes and fixation of fees are among the higher education reforms outlined in the new NEP.

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