Good News! Supreme Court Has Taken A Big Decision Regarding Pension, There Can Be Big Changes
After working for a long time, when a person comes to that stage of age when it becomes necessary to retire. After that he sits at home. In such a situation, pension service is given by the government to run his life smoothly. So that his old age can pass properly. Because after retirement, to meet all the needs, more than the relationship, the pension itself comes out as a big support. Now the Supreme Court has taken a very big decision regarding this pension. Let us know the complete details about this.
Changes made by the government
Let us tell you that for the convenience of the employees, the government has now made some changes regarding the rules of EPFO. Actually, a petition was filed in the Supreme Court by the Employees' Provident Fund Organization ie EPFO. Which was against the decision of the Kerala High Court.
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Let us tell you that the Kerala High Court had ordered to give pension to all private sector employees according to their full salary. But later this order has also been continued by the Supreme Court. Now based on the decision of the High Court, the pension will be calculated by the EPFO on the basis of the basic pay limit of Rs 15,000.
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Let us tell you that the Supreme Court has decided that the employees will now be given pension according to the full salary. If seen, according to the decision given by the Supreme Court, now the salary of the employees will increase manifold. Although the loss from this will be so much that the pension will increase in this, but the fund of the pension fund will automatically decrease. Although this will not make much difference in the pension of the employees, because the pension itself will be increased so much that the account of both will be equal.
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Explain that according to the decision taken, 12 percent of the basic salary of the employees will be deposited in the PF and the same amount (12 percent) will be deposited in the name of the employees from the company's account. However, in the company's 12 per cent stake, 8.33 per cent i.e. not more than Rs 1,250 per month goes to the pension fund and the remaining 3.66 per cent goes to the PF.
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Accordingly, 8.33 per cent of the basic pay of the company employee up to Rs 6,500 i.e. a maximum of Rs 1,250 per month has been increased. The government started the Employees Pension Scheme in the year 1995.