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EPFO can’t seek extra 1.16% of salary for higher pension: Supreme Court


NEW DELHI: Helping tens of thousands of people to register, Supreme Court held on Friday that the Employee Supplier Fund Organization (EPFO) could not find an additional donation of 1.16% of wage from withdrawals of more than Rs 15,000 without the government amending the law and opening up a four-month period for members of a retirement savings organization to exercise the option of getting a higher pension income.
While the seats of UU Chief Justice Lalit, Judges Aniruddha Bose and Sudhanshu Dhulia upheld the entry into force of the 2014 amendments, it was also argued that the benefit of the higher pension option should also be given to members of the “exempt trusts,” subject to certain conditions.
EPFO offers a contingency fund and a pension scheme to its subscribers. From 1 September 2014, company members are allowed to receive a maximum monthly salary of Rs 15,000 instead of Rs 6,500. For those with a higher salary, one option is given to contribute 1.16% of the salary in excess of Rs 15,000 for a higher pension.

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