EPFO Update: Pension is such a system, which makes life after retirement easy. Pension money is useful for living life after retirement and meeting the needs. On the other hand, there is news regarding pension that the Supreme Court has given a very big decision. Let’s know about this completely.
Changes made by the government
Let us tell you that the government has made many changes regarding EPFO. Actually Employees Provident Fund Organization ie EPFO filed a petition in the Supreme Court. This petition was against the decision of the Kerala High Court. Let us tell you that the Kerala High Court had ordered to give pension to all private sector employees according to their full salary. But later this order has also been continued by the Supreme Court. But now at this time the pension is calculated by the EPFO on the basis of the limit of basic salary of Rs 15,000.
Let us tell you that after this order of the Supreme Court, the employees will now be given pension according to the full salary. If seen, according to this, the employees will get many times increased salary. Although there will be no significant loss. Although there will be so much loss that the pension will increase in this, but the fund of the pension fund will automatically decrease. However, it will not make much difference, because the pension itself will be increased so much that the calculation will be equal.
Explain that only 12 percent of the basic salary of the employees will be deposited in the PF and the company has to deposit 12 percent in its name. However, in the company’s 12 per cent stake, 8.33 per cent i.e. not more than Rs 1,250 per month goes to the pension fund and the remaining 3.66 per cent goes to the PF.
Accordingly, 8.33 per cent of the basic pay of the company employee up to Rs 6,500 i.e. a maximum of Rs 1,250 per month has been increased. The government started the Employees Pension Scheme in the year 1995.
