EPFO considering a new pension plan for formal employees

EPFO, the Employees' Pension Fund Organization, is considering a new pension product for organised sector workers who earn more than Rs 15,000 per month but are not covered by the Employees' Pension Scheme of 1995. (EPS-95).

At the now, EPS-95 covers all employees in the organised sector whose basic salary (basic pay plus dearness allowance) is up to Rs 15,000 per month at the time of starting employment "Members of the Employees' Provident Fund Organisation have asked for a larger pension based on increased contributions (EPFO).

As a result, a new pension product or programme for those with monthly basic earnings over Rs 15,000 is being actively considered . According to a source, the proposal for this new pension plan may be discussed at EPFO's apex decision-making body, the Central Board of Trustees (CBT), meeting on March 11 and 12 in Guwahati. A sub-committee formed by the CBT on pension-related issues in November 2021 will also provide its report during the meeting.

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