New Delhi: The Ministry of Labour and Employment (MoEF) has issued a notification regarding the payment of pension on higher salary to the employees included in the EPS-95 pension scheme of the Employees Provident Fund Organization (EPFO).
In two notifications issued here late on Wednesday night, the ministry said these notifications have been issued in accordance with the Supreme Court’s decision of November 04, 2022.
The last date to apply for pension on higher pay will be June 03, 2023, a notification said.
This will give enough time to employees and employers to apply for pension at higher salaries. Earlier this date was announced as May 03, 2023.
“Keeping in view the EPF and MP Act and Social Security Code 2020, it has been decided to take an additional contribution of 1.16 per cent out of the total per cent of the total contribution of employers in the provident fund,” another notification said.
This provision is in accordance with the directions of the Supreme Court.