Pension News Update: There is big news for millions of pensioners of the country. Now you have to spend more money to get more pension. Information about this has been given by the Ministry of Labor. Along with this, the government has also extended the date to apply for higher pension.
Pension News Update: There is good news for millions of pensioners of the country. If you too had not applied for getting higher pension till May 3, then now you do not have to worry at all. You are being given another chance to get higher pension from the Central Government. Yes… You can apply for higher pension now till 26th June. Along with this, the Labor Ministry has said that the employer’s contribution will be 9.49 per cent for the members who sign up for higher pension and are found eligible for it.
Earlier the contribution used to be 8.33 per cent.
A decision has been taken by the Central Government to increase the employer’s contribution. Let us tell you that earlier this contribution used to be 8.33 per cent, but now it has been decided to increase it to 9.49 per cent. As per the amendment, employees will be required to make an additional contribution of 1.16 per cent on salary above Rs 15,000 per month.
Taking into account the decision of the Supreme Court
According to a notification issued by the government, the ministry has said that this has been done in compliance with the SC’s decision of November 4, 2022. The ministry also said that the existing Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 has now been subsumed under the Social Security Code, 2020 and the government has decided to implement the provisions of the Code with regard to the SC verdict.
Order was issued on 4 November 2022
Let us tell you that earlier the Supreme Court had said in its order on November 4, 2022 that EPFO will have to give four months time to all eligible members to opt for higher pension. This four-month period is ending on March 3, 2023. Due to this, an impression was created that its last deadline is May 3, 2023 and now the government has extended this date also till June 26, so that all people can take advantage of it.
The last change was in the year 2014
EPFO had released the details of its process. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014.
Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to EPS, which has now been increased once again. EPFO has issued a circular in this regard to its field offices.
