Documents 59362 2667424 EPS-CircularSCJudgementEPS-95.pdf

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OlL AND NATURAL GAS CORPORATION LIMITED
fry c+=VITT, i-fin, @-1 tFat, ffl RRI, affl rm, giv
EPS Section, A-Wing, B1-Floor,
Green Hills Building, Tel Bhavan, Dehradun~ 248001,
Fin / Phone: 0135-279 2571, 2588
No. ONGC/CER/EPS/2022-23/1 Dated : 19.01.2023
Circular
Subject : Hon'ble Supreme Court Judgement dated 04.11.2022 on EPS-1995.
This has reference to the_captioned judgement of the Hon'ble SC regarding Employees' Pension
Scheme-1995 (EPS-95). As per paragraph 38, 39 & 44(ii) of the judgement, .it is also applicable to the EPS-
95 members from the exempted establishments.
2. ONGC Limited is an exempted establishment, and the judgement is applicable to the employees /
former employees of the ONGC who are eligible as per the Hon'ble Supreme Court's Judgement dated
04th November 2022. All employees of ONGC are members of the ONGC ECPF Trust and contribute to the
Provident Fund at prescribed contribution rate on their actual salary as applicable from time to time. ONGC
also makes matching employer's contribution on actual salary to the Trust. ONGC has been contributing
@ 8.330/o of prescribed wage ceiling i.e. Rs.5,000.00 till May 2001, Rs.6,500.00 w.e.f. June 2001 and
Rs.15,000,00 w.e.f. September 2014 towards EPS. EPS-95 contribution is deducted from the employers
contribution towards PF and is remitted/deposited by ONGC to the Employees Provident Fund Organisation
i.e. EPFO, Dehradun. Pension under EPS-95 is released by the concerned offices of the EPFO to an employee
of ONGC after the employee attains the age of 58 / 60 years.
3. Pursuant to Supreme Court's judgement dated 04.11.2022, EPF0 has issued Circular No:
Pension/2022/54877/15149 dated 29-12-2022 and Corrigendum No: Pension/2022/54877/15238 dated
05-01-2023, in compliance of the Para-44(ix) read with Para-44(v) and (vi).of the Judgement. This circular
does not cover any of the former employees of ONGC.
4. As perpara 43 of the scjudgementread with para44(iv), all serving employees and employeeswho
were members of the EPS-95 as on 01-09-2014 i.e. were below 58 years of age and who could not exercise
the option, as contemplated in the proviso to paragraph 11(3) of the Scheme are entitled to exercise joint
option within four months of the date of judgement to contribute to EPS-95 on actual salary instead of
applicable wage ceiling and consequent determination of higher pension. EPFO /.s expected fo J.ssue a
separate circularlguidelines for this category of employees I pensioners. Former employees ?re
requestedtoawaitguidelines1instructionsfromEPFOregardingmodeandmodalitiesforsubmission
Of joint option.
5. Employee(s)/formeremployee(s)/EPS-95 Pensioners who are desirous of exercising the option would

be required to pay arrears of EPS-95 contribution i.e. difference between the contribution @8.33°/o on actual
salary be contribution already deposited on applicable wage ceiling from the date of joining the EPS-95, with
interest, at applicable rate till the month of remittance or as mandated under instructions issued by EPFO in
future.
Page 1 of 2
-:2:.
6. To enable employees/former employees to take an informed decision on exercising the option,

monthly salary (PF wages) of an eligible emplo,yees/pensioners for the period Nov-1995 onwards, is being
collated/compiledbylcE-HR.This.datashallbemadeavailabletotheregular/separatedemployeesthrough
Webice / Bandhan Portal respectively by'l'CE Team for validation. For corrections, if any in the data, the
employees/formeremployeesmaycontacttheirconcernedHR/SEEwithsupportingdocuments.Aprogram
for computation of additional contribution to b? made by the employee/pensioner with interest and expected
pensionshawalsobedevelopedandthesameshaHbemadeavailableafterissueofinstructionsfromE.PFO.
7. Employees / former employees who are members of EPS and have joined ONGC from other
organization(s) may obtain the actual salary details from their previous employer(s) for the relevant service
period before exercising the option.
8. We are in regulartouch withJ=PFO, Dehradun and on receiptofanyguidance on the subject, itshall be

communicated to all.
9. All employees / former employees may visit Bandhan / reports.ongc.co.in for accessing relevant
information on EPS'95 Scheme.
( Rizwana Naqvi )
COM(HR).Head Trust
Distribution:
All concerned through reports.ongc.co.in I Bandhan - ex-employees' portal
Copy to :
1. All AM / BM /-Heads-Plant/ Hol, ONGC.

2. All lncharges -HR/ERs, ONGC,
3. Eotochairman, ONGC/CEAto Director(HR), ONGC, DUB, New.Delhi.
4. EA to ED-Chief, ER, ONGC, DUB, New Delhi.
5. Office order file.
Page 2 of 2

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eifeTu5agRTfuqife-v`[trfae

OlL AND NATURAL GAS CORPORATION LIMITED

Fin / Phone: 0135-279 2571, 2588

No. ONGC/CER/EPS/2022-23/1 Dated : 19.01.2023

Subject : Hon'ble Supreme Court Judgement dated 04.11.2022 on EPS-1995.

5. Employee(s)/formeremployee(s)/EPS-95 Pensioners who are desirous of exercising the option would

6. To enable employees/former employees to take an informed decision on exercising the option,

8. We are in regulartouch withJ=PFO, Dehradun and on receiptofanyguidance on the subject, itshall be

All concerned through reports.ongc.co.in I Bandhan - ex-employees' portal

1. All AM / BM /-Heads-Plant/ Hol, ONGC.

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