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NEW DELHI: In a relief to lakhs of subscribers, the Supreme Court on Friday held that the Employees’ Provident Fund Organisation (EPFO) cannot seek an additional contribution of 1.16% of the salary from those drawing over Rs 15,000 without the government amending the law and opened a four-month window for the members of the retirement savings body to exercise the option of getting pension on higher earnings.
While the bench of Chief Justice U U Lalit, Justices Aniruddha Bose and Sudhanshu Dhulia upheld the validity of the 2014 amendments, it also said that the benefit of higher pension option should be given to members of “exempted trusts” too, subject to certain conditions.
EPFO offers provident fund and pension scheme for its subscribers. From September 1, 2014, the agency members were allowed a maximum pensionable monthly salary of Rs 15,000 instead of Rs 6,500. For those with a higher salary, an option was given to contribute 1.16% of the salary exceeding Rs 15,000 to get the benefit of higher pension.
While the bench of Chief Justice U U Lalit, Justices Aniruddha Bose and Sudhanshu Dhulia upheld the validity of the 2014 amendments, it also said that the benefit of higher pension option should be given to members of “exempted trusts” too, subject to certain conditions.
EPFO offers provident fund and pension scheme for its subscribers. From September 1, 2014, the agency members were allowed a maximum pensionable monthly salary of Rs 15,000 instead of Rs 6,500. For those with a higher salary, an option was given to contribute 1.16% of the salary exceeding Rs 15,000 to get the benefit of higher pension.
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