For the nation’s millions of seniors, there is good news. You do not need to worry at all if you did not apply for a higher pension until May 3. The Central Government is giving you another chance to receive a higher pension. Yes, Up to June 26th, you can qualify for a greater pension. Additionally, the Labour Ministry has stated that for members who sign up for higher pensions and are determined to be eligible for them, the employer contribution will be 9.49%.
Pension update – Previously, the contribution was 8.33 percent.
The Central Government has decided to increase the employer’s contribution. Let us inform you that this contribution, which was previously set at 8.33 percent, will now be increased to 9.49 percent. Employees will now be obliged to contribute a further 1.16 percent of their monthly pay above Rs 15,000 in accordance with the legislation.
The ministry has stated that
this has been done in accordance with the Supreme Court’s ruling of November 4, 2022. According to a notification issued by the government keeping in mind that decision. The ministry added that the Social Security Code, 2020 has now absorbed the former Employees’ Provident Fund. And Miscellaneous Provisions Act, 1952, and that the government has decided to put the Code’s provisions into effect in light of the Supreme Court’s ruling.
On November 4, 2022, the directive was released.
Let us remind you that, according to the Supreme Court’s order from November 4, 2022, EPFO must give all eligible members four months to choose a higher pension. On March 3, 2023, this four-month period will come to a conclusion. As a result, it appeared that its final deadline was May 3, 2023; however, the government has since extended this date until June 26 so that everyone can benefit.
The most recent pension modification took place in 2014
when EPFO made its procedure information public. The Employees’ Pension Scheme (EPS) allows the shareholders and their employers to submit a joint application for a greater pension. The Employees Pension Scheme, 2014 was upheld by the Supreme Court in November 2022. Earlier, the pensionable salary ceiling was raised from Rs 6,500 to Rs 15,000 per month by the EPS revision of August 22, 2014. Additionally, members and their employers were permitted to contribute to EPS at a rate of 8.33 percent, which has now been raised once more. To its field offices, EPFO has sent a circular on this.
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