Submission of ‘Joint Option Form’ under Para 11 (3)

Submission of ‘Joint Option Form’ under Para 11 (3) NMDC Circular

No. HO/Per/Estt/EPS-95/2022/01 Dated: 19.01.2023
Circular

Sub: Submission of ‘Joint Option Form’ under Para 11 (3) and Para 11 (4) of Employees Pension Scheme, 1995 in line with the direction given by Hon’ble Supreme Court vide Order dated 04th November 2022 passed in SLP No. 8658-8659 of 2019 titled EPFO Vs Sunil Kumar B. & ORS. ETC.

  1. As per para 44 (ii) of the Order dated 04th November 2022 of Hon’ble Supreme Court passed in SPL no. 8658-8659 of 2019, amendment to the Pension scheme brought about by the notification no. G.S.R. 609 (E) dated 22nd August 2014 shall apply to the employees of the exempted establishments in the same manner as the employees of the regular establishments. Therefore, it is presumed that employees/ex¬¨employees of NMDC Ltd. are also eligible for submission of joint option form for availing pension on actual/higher salary as NMDC is contributing on actual/higher salary exceeding the statutory wage ceiling of Rs. 6500/- or 15000/- in the Provident Fund for its employees which makes it eligible for diversion of 8.33% of salary exceeding Rs. 6500/- or 15000/- to the pension fund.
  2. However, contribution to the EPS-95 has been made @8.33% of prescribed wage ceiling ie. Rs. 5000/- till May’2001,Rs. 6500/- w.e.f. June’2001 and Rs. 15000/- w.e.f. September’2014.As per rule, EPS¬¨95 contribution is deducted from employer’s contribution to PF and is remitted to the concerned office of the Employees Provident Fund Organization (EPFO).
  3. The employees who have attained the age of 58 years prior to Olst September 2014 without exercising any option under paragraph 11 (3) of the pre-amended scheme have already exited from the membership therefore such employees would not be entitled to the above benefit.
  4. Employees who have not attained the age of 58 years as on Olst September 2014, only are eligible for submission of joint option form under para 11 (3) of the EPS’95 Scheme.
  5. All working/retired/superannuated/VRS employees of the Company who are/were members of the EPS’95 Scheme as on Olst September 2014 and are willing to exercise the option and contribute on actual

Source – NMDC

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