Understanding the 2-Year Weightage Benefit in Pensionable Service
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Clarification on the Circular:
The circular dated 8.5.2017 addresses the concerns related to the 2-year weightage of service for individuals with 20 or more years of pensionable service under para 10(2) of EPS 1995. This provision aims to provide additional benefits to long-serving members.
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Eligibility Criteria:
To qualify for the 2-year weightage benefit, employees must have completed a minimum of 20 years of pensionable service under the EPS 1995 scheme. This benefit is designed to recognize and reward long-term commitment and service.
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Application Process:
1. Employees meeting the eligibility criteria should formally request the 2-year weightage benefit through the prescribed channels within the organization.
2. Ensure all necessary documentation, including proof of pensionable service duration, is submitted along with the application.
3. The HR department or relevant authority will review the application and supporting documents to verify eligibility.
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Impact on Pension Calculation:
The inclusion of a 2-year weightage in pensionable service can have a significant impact on the final pension amount. It may lead to an increase in the pension benefits received by eligible employees upon retirement.
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Key Considerations:
- Stay informed about the specific guidelines and regulations outlined in the circular to understand the implications of the 2-year weightage benefit.
- Seek clarification from HR or pension administrators if you have any doubts regarding eligibility or the application process.
- Plan your retirement strategy considering the potential impact of the additional service weightage on your pension benefits.
By following the outlined steps and understanding the implications of the 2-year weightage benefit, eligible employees can make informed decisions regarding their pension entitlements under the EPS 1995 scheme.