pcaPFA circular dated 8.6.2018 issued by EPFO on the subject. Thanks
From India, Malappuram
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Company Secretary In Practice
Korgaonkar K A
MoturajanHello I want to understand that higher wages means pension revision on the basis of revision in the wage after the retirement of the pensioners. Please help me to understand Thanks Rajan
From India, Faridabad
korgaonkar k aDear Rajan ji,
I will explain you in very short.
Pension contribution is restricted on Rs. 15000 (earlier Rs. 6500). Pension is calculated on this pensionable salary.
What SC said, if you want more pension you have to contribute more. So you can now contribute more to get more pension, retrospectively, if your salary is more than threshold.
Hope you understand it.
From India, Mumbai
Could you please tell, where the admin charge of 1.16% on Pension Contribution beyond Rs.15000 is to be deposited? It has been mentioned in the ceircular that the admincharge on the ceiling wage i.e 15000 to be born by the employee itself.