Can Employee Contribute Towards EPS?

m_harish
Hi all,
i have query whether an employee can contribute (above statutory contribution by employer) towards Pension Scheme under EPF & MP Act?
Presently, my employer contributes @ 8.33% of my salary (Basic Salary+DA) towards Pension Fund, subject to a maximum limit of Rs. 15,000/- Is it possible for me too to contribute (by way of deduction from Salary), apart from my employers contributions, to Pension Fund, so that i could get a higher pension on my retirement?
Glidor
better the employee select the NPS contribution for additional pension,
swetley
Definitely the scheme provides that you can contribute above the statutory limit i.e. Rs. 15,000/- with Rs.1,250/- EPS contribution.
However, looking at the meagre pension doled out to members compared to the amount contributed during their service, it will not be wise to contribute higher amount.
swetley
EPS contribution has been capped to the salary of Rs.15,000/- with effect from 1st Sept.2017. So you cannot contribute on higher salaries.
New Employees joining after above date are not eligible to become EPS members and their whole 12% Companies contribution will go their Employer Contribution Account.
If you are knowledgeable about any fact, resource or experience related to this topic - please add your views. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone. Join To Contribute