The additional 1.16 percent payment for members who want greater pensions will be deducted from the employers'
This effectively means that the employer's contribution to the pension fund would be 9.49%
the existing 8.33% in the event of members who choose a higher pension and are determined to be eligible.
In order to comply with the Supreme Court's decision, the ministry of labour and employment informed
Neither the letter nor the spirit of the EPF & MP Act nor the Code on Social Security, 2020 contemplate
Therefore, it has been decided to pull 1.16% more from the 12% total employers' contribution
spirit of the EPF & MP Act and the Code," the ministry stated in a late-night announcement on May 3.
The EPFO, over the last few months, has issued a number of circulars to enable members