How can employees opt for higher pension under EPS?

The Employees Provident Fund Organisation (EPFO) has recently come out with a procedure to allow subscribers and their employers to jointly apply for a higher pension under the Employees’ Pension Scheme (EPS). This is in compliance with the Supreme Court’s November 4 order upholding the 2014 Amendment to EPS.

What has changed?

With the new changes, the subscribers of EPFO are allowed to go beyond the pensionable salary capped at Rs 15,000 per month and contribute more under the EPS. The employers deduct a sum equal to 8.33 per cent of the employee’s basic salary towards pension. They also contribute

First Published: Feb 21 2023 | 1:44 PM IST