EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

The Employees Provident Fund Organisation (EPFO) has recently come out with a procedure to allow subscribers and their employers to jointly apply for a higher pension under the Employees' Pension Scheme (EPS). This is in compliance with the Supreme Court's November 4 order upholding the 2014 Amendment to EPS.

What has changed?

With the new changes, the subscribers of EPFO are allowed to go beyond the pensionable salary capped at Rs 15,000 per month and contribute more under the EPS. The employers deduct a sum equal to 8.33 per cent of the employee's basic salary towards pension. They also contribute