Supreme Court on Pension Schemes – The Supreme Court today announced the judgments of the Employee Provident Fund (EPF) organizations and trade union governments appealing the Kerala, Rajasthan, and Delhi High Court rulings amending the Employee Pension (Amendment) schemes. increase. Deprecated in 2014.
Ab-Bank is made up of his Chief Justices of India Uday Umesh Lalit, Justices Aniruddha Bose, and Justices Sudhanshu Dhulia.
The Kerala High Court overturned a 2014 amendment and ruled that the monthly salary limit of Rs 15,000 for joining the pension fund was unreasonable. The Supreme Court has ruled that there cannot be a cut-off date for joining the pension scheme, allowing pensions to be paid in proportion to a salary threshold of Rs 15,000 per month.
Notification number stipulations GSR609E dated August 22, 2014, are legal and valid. I have read some of the system’s provisions as far as current members of the fund are concerned.
The changes to the pension plan under Decision No. GSR609E applies to exempt facility employees as regular facility employees. Transfers of funds from exempt entities will occur in the manner previously instructed by the Company. Any employee who has exercised an option under Section 11(3) of the 1995 Scheme and is still employed as of 1 September 2014 will be subject to the amended provisions of Section 11(4) of the Scheme.
Supreme Court on Pension Schemes Plans
Plan participants who did not exercise their options under Section 11(3) of the Pension Plan as they existed before the 2014 amendments will be entitled to exercise their options under Section 11(4) of the Plan after the amendments. To do. They have the right to exercise their options before September 1, 2014. This is embodied in the RC Gupta decision.
Plans in existence prior to 2014 did not provide for a record date and such members are entitled to exercise options under paragraph 11(4) of the amended Plan.
Your option must be of the type of common option covered by paragraph 11(3) as amended and paragraph 11(4) as amended. There was uncertainty about the effectiveness of the amended system, which was overturned by the High Court. Therefore, all employees who have not exercised the option but were entitled to but could not due to the interpretation of the effective date automatically be given the opportunity to exercise the option.
The exercise period for options under Section 11(4) of the Program may be extended for an additional four months. We issue this order in the exercise of our jurisdiction under Article 142 of the Constitution. The remaining need as a permanent decision already arises from the membership of the worker who retired before 1 September 2014 without exercising the option under section 11(3) of the pre-change scheme. I’m here. You are not entitled to the benefit of this judgment.
Employees who retired prior to September 1, 2014, and exercised their options are subject to Section 11(3) of the Pre-2014 Reform Pension Plan.
A Member’s obligation to contribute 1.16% shall be deemed his ULTRA VIRES under the 1952 Act if his salary exceeds Rs.15,000 in additional contributions under the amended scheme. However, for the above reasons, this part of the order he was suspended for six months. This is so authorities can adjust their systems to generate additional donations from other legitimate sources within the law. We are not speculating as to what action the agency should take.
It is up to legislators and system designers to make the necessary changes. During his six months above or until changes are made, whichever comes first, the employee’s contribution is Stopgap Major. Sad Song is said to be adjustable based on possible schema changes.
It makes no sense to change the basis for calculating the amount of pension entitlement.
Aguri with Sector Banks’ Views in RC Gupta Case Concerning Interpretation of Preliminary Amendment 11(3) Warning.
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