Hi all,
i have query whether an employee can contribute (above statutory contribution by employer) towards Pension Scheme under EPF & MP Act?
Presently, my employer contributes @ 8.33% of my salary (Basic Salary+DA) towards Pension Fund, subject to a maximum limit of Rs. 15,000/- Is it possible for me too to contribute (by way of deduction from Salary), apart from my employers contributions, to Pension Fund, so that i could get a higher pension on my retirement?
From India, Bangalore
15i have query whether an employee can contribute (above statutory contribution by employer) towards Pension Scheme under EPF & MP Act?
Presently, my employer contributes @ 8.33% of my salary (Basic Salary+DA) towards Pension Fund, subject to a maximum limit of Rs. 15,000/- Is it possible for me too to contribute (by way of deduction from Salary), apart from my employers contributions, to Pension Fund, so that i could get a higher pension on my retirement?
From India, Bangalore
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 higher amount.
From India, Mumbai
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 higher amount.
From India, Mumbai
EPS contribution has been capped to the salary of Rs.15,000/- with effect from 1st Sept.2017. So you cannot contribute on higher salaries.
New Employees joining after above date are not eligible to become EPS members and their whole 12% Companies contribution will go their Employer Contribution Account.
From India, Mumbai
New Employees joining after above date are not eligible to become EPS members and their whole 12% Companies contribution will go their Employer Contribution Account.
From India, Mumbai
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Employee Appraisal Form new.doc