[ad_1]
NEW DELHI: Retirement fund body EPFO on Monday directed its regional offices to implement the November 4 Supreme Court judgement upholding the Employees Pension (Amendment) Scheme, 2014 and laid out the procedures through which subscribers can apply for higher pension under the EPS scheme.
The order, which comes a fortnight before the deadline of March 3 set by SC in its November 4 judgment last year, said existing employees and those who retired after September 1, 2014, can claim higher pension based on actual salary beyond the prescribed ceiling in the Employees’ Pension Scheme (EPS) of 1995. Employees who were members of EPS as on September 1, 2014, will get a chance to contribute up to 8.33% per cent of their actual basic salary, instead of 8.33% per cent of pensionable salary capped at Rs 15,000 a month, towards pension.
EPFO said the joint option for higher pension contribution can be exercised by employees and employers.
“Undertaking shall be to the effect that due contribution along with interest up to the date of payment, will be deposited within specified period,” it said.
The order, which comes a fortnight before the deadline of March 3 set by SC in its November 4 judgment last year, said existing employees and those who retired after September 1, 2014, can claim higher pension based on actual salary beyond the prescribed ceiling in the Employees’ Pension Scheme (EPS) of 1995. Employees who were members of EPS as on September 1, 2014, will get a chance to contribute up to 8.33% per cent of their actual basic salary, instead of 8.33% per cent of pensionable salary capped at Rs 15,000 a month, towards pension.
EPFO said the joint option for higher pension contribution can be exercised by employees and employers.
“Undertaking shall be to the effect that due contribution along with interest up to the date of payment, will be deposited within specified period,” it said.
#Epfo #EPFO #subscribers #opt #higher #pension
