Hi all, I have a query: can an employee contribute (above the statutory contribution by the employer) towards the Pension Scheme under EPF & MP Act? Presently, my employer contributes at 8.33% of my salary (Basic Salary+DA) towards the Pension Fund, subject to a maximum limit of Rs. 15,000. Is it possible for me to contribute as well (through deduction from my salary), in addition to my employer's contributions, to the Pension Fund, so that I could receive a higher pension upon my retirement?
From India, Bangalore
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16From India, Bangalore
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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 a higher amount.
From India, Mumbai
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From India, Mumbai
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EPS contributions have been capped at a salary of Rs. 15,000/- effective from 1st Sept. 2017. Therefore, you cannot contribute on higher salaries.
New employees joining after the above date are not eligible to become EPS members, and their entire 12% company contribution will go to their Employer Contribution Account.
From India, Mumbai
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New employees joining after the above date are not eligible to become EPS members, and their entire 12% company contribution will go to their Employer Contribution Account.
From India, Mumbai
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF