EPFO Pension: Employee organizations have been demanding for a long time to increase the amount of pension given under EPFO. Keeping this in mind, the Labor Ministry can allow EPFO members to make more contribution for higher pension.
EPFO Contribution Limit: If you are also a salaried class and PF is deducted from your salary every month, then this news is for you. Yes, the government is taking steps for the convenience of employees. On one hand, news is coming that the Labor Ministry is preparing to change the PF contribution. The effect of this will be that the pension of employees will increase after retirement. Apart from this, news is also coming that the government is planning EPFO 3.0. Under this, many new facilities can be given to the subscribers.
PF money can be withdrawn from ATM..!
CNBC Awaaz’s report claimed that the government can announce the plan of EPFO 3.0 in the series of PAN 2.0. Under this, along with increasing the pension contribution of the employees, employees can get the facility of withdrawing PF money from ATM. The Labor Ministry is planning to issue such a card for the convenience of PF subscribers, with which they will be able to withdraw PF money from ATM in the coming time. This plan can be implemented by May-June next year.
There is a demand to increase the pension amount
Let us tell you that for a long time, there has been a demand from the employee organizations to increase the pension amount given under EPFO. Keeping this in mind, the Labor Ministry can allow EPFO members to make more contribution for more pension. For this, the ministry is considering making changes in the Employees’ Pension Scheme 1995 (EPS-95).
Currently, 12 percent of the basic salary of the EPFO member is deposited in the EPF account. The employer also has to make the same contribution. Out of this, 8.33 percent goes to EPS-95, the remaining 3.67 percent is deposited in the EPF account.
Higher contribution will increase the pension amount
If more contribution is made to the EPS-95 account, it will have an impact on the pension in the future. Therefore, the Labor Ministry is considering the option of allowing more contribution to EPS. Employees may be allowed to contribute more to EPS-95 to increase pension under the change. Apart from improving social benefits, the Modi government at the Center is also focusing on creating new job opportunities.