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Overview of EPS Advance Withdrawal Changes Under the new guidelines, the EPFO has completely revised the statistical table used for calculating EPS advance withdrawal payments. This change will result in a reduction in the amounts received by employees who withdraw their EPS contributions before completing ten years of service. Previously, service duration was calculated in yearly increments, but now it will be calculated based on the exact number of months worked. Updated Calculation Method for EPS Withdrawals The Ministry of Labor has amended Table-D of the 1995 EPS Act to reflect these changes. According to EPFO regulations, employees who complete a minimum of ten years of EPS service are eligible for a monthly pension upon reaching the age of 58. Those with nine years and six months of service are rounded up to ten years, but those with less service are not eligible for a pension. Employees who do not complete ten years of service can withdraw their EPS contributions. Impact on Migrant Workers and Frequent Job Changers These changes will notably affect migrant workers and young professionals who frequently change jobs. Many such individuals tend to withdraw their EPS amounts after working for two to three years in a single organization. EPFO officials advise against withdrawing EPS contributions upon changing jobs or resignation. Instead, they recommend transferring the service to the new organization to qualify for a higher pension eventually. Detailed Breakdown of EPS Contributions Each employee's salary contribution towards EPS is 12%, matched by the employer. Of the employer's 12% contribution, 8.33% goes into the EPS, and the remaining 3.67% into the employee's EPF account. Since 2014, the EPFO has capped the maximum salary for EPS contributions at ₹15,000. Therefore, 8.33% of ₹15,000 (₹1,250) is directed towards EPS. Example Calculation Under New Rules Consider an employee with a basic salary plus DA amounting to ₹15,000 who resigns after working for six years and seven months. Under the old rules, this would be rounded up to seven years, and the payout calculated accordingly. For a salary of ₹15,000 and seven years of service, the payout ratio was 7.13, resulting in a total of ₹106,950 (₹15,000 x 7.13). Under the new rules, the exact number of months worked is considered. For six years and seven months, or 79 months, the payout ratio is now 6.69. Thus, the total amount received would be ₹100,350 (₹15,000 x 6.69). This new monthly-based calculation method will result in lower advance withdrawal amounts for employees. Uncategorized
  • June 18, 2024

New EPS Rule form EPFO, Impact on Lump Sum Withdrawal Amounts for Early Exit

Change in EPS Rule for Calculating Lump Sum Withdrawal Amount on Early Exit: Who Benefits, Who Loses? The Ministry of…
How can I check if my device is infected with Pegasus spyware? To detect Pegasus spyware, consider using tools like the Mobile Verification Toolkit (MVT) designed for forensic analysis. However, due to the complexity involved, consulting with cybersecurity experts is advisable. Is it possible to remove Pegasus spyware from my device? Removing Pegasus spyware entails intricate procedures that often require specialized knowledge and tools. While tools like MVT may aid in identification, professional assistance is recommended for safe and thorough removal. What steps can I take to protect my device from spyware threats? Implementing robust security practices, such as device encryption, cautious browsing habits, and the use of reputable security tools, can help mitigate the risk of spyware infections and safeguard personal data. Conclusion Pegasus spyware represents a formidable threat to digital privacy and security, underscoring the need for heightened vigilance and proactive defense measures. By understanding the mechanics of Pegasus and adopting preventive strategies, individuals can better safeguard their devices and preserve fundamental rights in an increasingly interconnected world. Uncategorized
  • March 29, 2024

Menace of Pegasus Spyware in Telangana Safeguarding Digital Privacy in a Connected World

The emergence of the NSO Group’s Pegasus spyware has raised significant concerns regarding digital privacy and security. Menace of Pegasus…
Telangana State Drugs Control Administration underscores the commitment to uphold regulatory standards and protect consumers from misleading health claims. The crackdown on 'Uni Stones' powder and 'Renonip Drops' sends a clear message about the stringent enforcement of the Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954. Manufacturers and marketers must adhere to the prescribed regulations to ensure the safety and well-being of the public. Uncategorized
  • February 6, 2024

Homeopathic Medicine ‘Renonip Drops’ Under ScrutinyInsights from the TSDCA Raid

Telangana State Drugs Control Administration (TSDCA) conducted a rigorous raid on RS Unani Pharmacy, located in Bahadurpura. The focus of…
Google's monumental decision to cut 30,000 jobs in response to AI innovation List of Employees who are terminated from google 2023 mainly india pakistan chaina Uncategorized
  • December 24, 2023

Google’s monumental decision to cut 30,000 jobs in response to AI innovation

In a groundbreaking move, Google, the tech giant, is set to release a significant number of its workforce—30,000 employees—to adapt…
Telangana Rythu Bharosa 5000 per Acer Amount from Today Ravanth reddy 12 december 2023 Uncategorized
  • December 12, 2023

Telangana Rythu Bharosa 5000 per Acer Amount from Today

Telangana’s Chief Minister, Revanth Reddy, brings glad tidings through the Rythu Bharosa Scheme. With farming activities blooming across various regions…
2bhk House Scheme in Telangana Home Tour Uncategorized
  • October 3, 2023

2bhk House Scheme in Telangana Home Tour

The Telangana government has launched the 2 BHK Housing Scheme. This visionary initiative is aimed at providing comfortable and affordable…
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