Employees’ Pension (Amendment) Scheme, 2024: Ministry of Labour & Employment Notification dated 14.06.2024 in Table B regarding factor for computation of past service benefit under the ceased Family Pension Scheme for existing members on exit from the employment.
Employees’ Pension (Amendment) Scheme, 2024: Ministry of Labour & Employment Notification dated 14.06.2024 in Table B regarding factor for computation of past service benefit under the ceased Family Pension Scheme for existing members on exit from the employment.
MINISTRY OF LABOUR AND EMPLOYMENT
NOTIFICATION
New Delhi, the 14th June, 2024
G.S.R. 325(E).—In exercise of powers conferred by Section 6A read with sub-section (1) of section 7 of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely:-
1. Short title and commencement.— (1) This Scheme may be called the Employees’ Pension (Amendment) Scheme, 2024.
(2) This notification shall come into force from the date of its publication in the Official Gazette.
2. In the Employees’ Pension Scheme, 1995, in the ‘Table B’, after the entry “less than 34” in column (1) and the corresponding entry “13.173” in column (2), the following shall be inserted, namely:—
| YEARS | FACTOR |
| (1) | (2) |
| “Less than 35 | 14.2271 |
| Less than 36 | 15.36555 |
| Less than 37 | 16.59509 |
| Less than 38 | 17.92303 |
| Less than 39 | 19.35722 |
| Less than 40 | 20.90618 |
| Less than 41 | 22.57909 |
| Less than 42 | 24.38586” |
[F. No. S-65015/01/2023-SS-II]
ALOK MISHRA, Jt. Secy.
Note: The Employees’ Pension Scheme, 1995 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 748(E) dated the 16th November, 1995 and was last amended vide notification number S.O. 2061 (E) dated the 3rd May, 2023.
Explanation: TABLE – B (See Paragraphs 12 and 14) (FACTOR FOR COMPUTATION OF PAST SERVICE BENEFIT UNDER THE CEASED FAMILY PENSION SCHEME FOR EXISTING MEMBERS ON EXIT FROM THE EMPLOYMENT)
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