Pension Scheme: In a statement issued by the Labor Ministry, “It has been decided to take an additional contribution of 1.16 per cent out of the total 12 per cent contribution of the employers in the Provident Fund.” The ministry said that with the spirit of the EPF and MP Act -The Saath Samhita (Code on Social Security) does not envisage contribution from the employees to the Pension Fund.
PF Pension: People get a lot of relief from pension after retirement. People keep getting a good amount every month through pension. Everyone wants to get their pension after retirement. In such a situation, now people have got good news to get pension. In fact. The additional contribution of 1.16 per cent of the basic pay of the subscribers opting for higher pension will be managed from the employers’ contribution to the social security schemes run through the Employees’ Provident Fund Organization (EPFO).
PF
In a statement issued by the Labor Ministry, it has been decided to take an additional contribution of 1.16 per cent out of the total 12 per cent contribution of the employers in the Provident Fund. (Code on Social Security) does not envisage contributions from employees to the Pension Fund. At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).
Pension
Employers contribute 12 percent of basic salary to social security schemes run through EPFO. Of the 12 per cent contribution by employers, 8.33 per cent goes to EPS and the remaining 3.67 per cent is deposited in Employees’ Provident Fund. Now all those EPFO members who are opting to contribute their actual basic pay over and above the limit of Rs 15,000 per month to get higher pension will not have to contribute this additional 1.16 per cent towards EPS.
Ministry of labor and employment
The Ministry of Labor and Employment has issued two notifications on May 3, 2023, implementing the above (decision). The ministry has said that with the issuance of the notification, compliance of all the instructions of the Supreme Court’s decision of November 4, 2022 has been completed.
