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Anil

Anil Rego  |330 Answers  |Ask -

Financial Planner - Answered on Feb 23, 2023

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Yogeshwar Question by Yogeshwar on Feb 08, 2023Hindi
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Sir As present I am PSU employee and eligible for EPS-95 PENSION.At present supreme court directed to company for the extra pension and told to employee to opt for higher pension option . What will be your suggestion shall I got for corpus or pension as I feel how.much pension will be given also not clear by the EPFO.

Ans: You should go ahead based on your need for monthly income. Typically, the EPFO interest rates are higher than the normal rates of interest.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Financial Planner - Answered on Jul 27, 2023

Asked by Anonymous - Jul 26, 2023Hindi
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Do you mean that any employee who was receiving rupees 15000 salary is eligible for EPS 95 Higher pension?make it clear.
Ans: Yes, an employee in India who was receiving a salary of Rs. 15,000 is eligible for EPS 95 Higher Pension, provided they meet the following criteria:
• They must have been a member of the EPS 95 scheme before September 1, 2014.
• They must have filed a joint option form with their employer to contribute 8.33% of their salary to the EPS, even if their salary is above Rs. 15,000.
• They must have completed at least 10 years of service in the EPF scheme.
If an employee meets all of these criteria, they will be eligible to receive a higher pension amount, which is calculated based on their average salary for the last 10 years of service. The higher pension amount is also subject to a minimum pension of Rs. 1,000 per month.
It is important to note that the deadline to file a joint option form for EPS 95 Higher Pension was February 28, 2015. Therefore, employees who were members of the EPS 95 scheme before September 1, 2014, but did not file a joint option form by February 28, 2015, were not eligible for the higher pension amount as per earlier guidelines. However, the Employees' Provident Fund Organisation (EPFO) has recently allowed EPF contributors to get a higher pension by following some guidelines even now much after 2015.
The Supreme Court of India ruled in November 2022 that the EPFO's decision to cap the EPS contribution at Rs. 15,000 was illegal. The court ordered the EPFO to allow employees who were members of the EPS 95 scheme before September 1, 2014, to opt for a higher pension by filing a joint option form with their employer.
The EPFO issued a circular clarifying the guidelines for employees who want to opt for a higher pension. The following are the eligibility criteria:
• The employee must have been a member of the EPS 95 scheme before September 1, 2014.
• The employee must have not filed a joint option form to contribute 8.33% of their salary to the EPS even if their salary is above Rs. 15,000.
• The employee must have completed at least 10 years of service in the EPF scheme.
The employee must also submit the following documents to the EPFO:
• A copy of the joint option form that was not filed earlier.
• A proof of salary for the last 60 months.
• A declaration from the employer that the employee was a member of the EPS 95 scheme before September 1, 2014.
The EPFO has then processed the application and decided whether the employee is eligible for a higher pension. If the employee is eligible, the EPFO will start paying the higher pension amount from the date of application.
The deadline to apply for a higher pension was March 3, 2023. Employees who miss the deadline will not be eligible for a higher pension.
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Moneywize

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Financial Planner - Answered on Mar 28, 2024

Asked by Anonymous - Mar 21, 2024Hindi
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What is comprehensive auto insurance policy? What are its benefits? What are the inclusions and non-inclusions if I want to know before buying a comprehensive auto insurance policy?
Ans: A comprehensive auto insurance policy in India offers the most extensive coverage for your car and any third-parties involved in an accident. It's like a two-wheeler for your car's security, providing protection for both your vehicle and your wallet.

Benefits of a Comprehensive Policy:

1. Peace of mind: Covers a wide range of situations, so you'll be financially protected in case of many unforeseen events.

2. Own Damage Cover: Pays for repairs or replacement of your car if it's damaged in an accident, by fire, theft, natural calamities, riots, or even falls victim to vandalism.

3. Third-Party Liability Cover: Takes care of any legal or financial liabilities you incur if your car causes injury, disability or death to a third party, or damages their property.

4. Personal Accident Cover (Optional): Provides financial assistance to you or your family in case of injury or death due to a car accident (depending on the policy terms).

What to Consider Before Buying:

Inclusions:

a. Most accidents (collision, hit and run)

b. Theft (partial or complete)

c. Fire damage

d. Natural disasters (floods, earthquakes, etc.)

e. Riots, strikes, and other man-made calamities

g. Third-party property damage and bodily injury

h. Personal accident cover (if opted for)

Non-inclusions:

a. Damages due to wear and tear

b. Driving under the influence of alcohol or drugs

c. Mechanical or electrical breakdown

d. Depreciation on parts replaced during repairs

e. Using the car for illegal purposes

Additional Tips:

1. Add-on Covers: Enhance your policy with optional extras like engine protection or zero depreciation cover for a more comprehensive safety net.

2. Compare Quotes: Get quotes from different insurance companies to find the best coverage and price for your needs.

Remember, a comprehensive policy offers superior protection compared to third-party only insurance, which is mandatory by law but only covers your liability towards third parties. For a secure ride on Indian roads, a comprehensive policy is the way to go.
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Study Abroad Expert - Answered on Mar 28, 2024

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My daughter did her graduation in November 2023 from a top-ranked university in Canada - University of British Columbia, Vancouver (QS World Rank within 35). She is interested in a job in the fields of Artificial Intelligence and related software domains. She graduated with an interdisciplinary BSc in Cognitive Systems, including several courses from Computer Science, Artificial Intelligence and Machine Learning, Neuroscience, etc.. Unfortunately, unlike in US universities, there's no Campus Placement facilities available in UBC and most Canadian universities. Please advise how to get into a job in this gloomy economic scenario, in Canada (USA is ruled out because OPT is not available for non-US university graduates).
Ans: Hello Indranil. Thanks for reaching out to us. Given your daughter's background in cognitive systems with coursework in computer science, Artificial Intelligence, Machine Learning and Neuroscience from a prestigious institution like the University of British Columbia (UBC), she has a strong base for having a career in AI and related fields. Although no campus placement is challenging, there are ways to find a job while keeping in mind the gloomy economic condition.

1. Encourage your daughter to leverage her professional network, including alumni, professors, and industry contacts. Attending industry events, seminars, and meetups can provide valuable networking opportunities and help her connect with potential employers or mentors in the field of AI and software development.

2. An online presence, such as having an account on LinkedIn, is important. She can showcase her skills and achievements—both academic and extracurricular—so far, reach out to professionals,etc

For further assistance, you can get in touch with us
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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