Millions of pensioners to get more money, SC may pronounce big verdict
Millions of pensioners to get more money, SC may pronounce big verdict

New Delhi: Millions of pensioners who get pensions may get more money in their bank accounts. The Supreme Court is hearing the removal of the Rs 15,000 limit on the Employees' Pension Scheme (EPS). The Employees' Pension Scheme (EPS) was launched in 1995 to provide monthly pension benefits after retirement to employees covered under the organized sector of the private sector.

According to the EPF Scheme, 1952, any institution deposits 8.33 percent of its employee's EPF contribution stake in EPS. When the employee completes the age of 58 years, the employee can avail the benefit of monthly pension with the money of this EPS. There are more than 23 lakh pensioners in the EPFO who get a pension of Rs 1,000 per month. While his contribution to PF is less than a quarter of it. Before the amendment, the maximum pensionable salary was Rs. 6,500. However, it allowed pensioner salaries to have a pension based on high salaries on the mutual option of the employer and the employee. The 2014 amendment increased the maximum pensionable salary to Rs 15,000 per month.

However, the maximum limit of pensionable salary is Rs. 15,000. In such a case, a maximum of Rs. 1,250 per month can be deposited in the pension fund. If the limit of Rs. 15,000 is removed from the pension, a pension of more than Rs. 7,500 can be received. But, for this, the employer's contribution to the EPS has to be increased.

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