Key Points
Additional contribution of 1.16% of basic wages for subscribers opting for higher pension will be managed from employers' contributions to social security schemes run by retirement fund body Employees Provident Fund Organisation (EPFO.)..
"It has been decided to draw 1.16% additional contribution from within the overall 12% of the contribution of the employers into the provident fund," a Labour Ministry statement issued late in the evening on May 3 said.. Higher pension | EPFO to wait for number of applicants before releasing calculation process..
The Ministry said that the spirit of the EPF & MP Act as well as the Code (Code on Social Security) do not envisage contribution from the employees into the pension fund...
Now, all those EPFO members who are opting to contribute on their actual basic wage which is higher than the threshold of 15,000 per month for getting higher pension, will not have to contribute this additional 1.16% towards EPS...
The Supreme Court had held the requirement of the members to contribute at the rate of 1.16% of their salary to the extent such salary exceed 15,000 per month as an additional contribution under the amended scheme to be ultra vires of the provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (EPF & MP Act)...
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