Latest Changes Of Code On Social Security, 2020

Increased contribution from employer’s share into the Pension Fund on salary exceeding Rs.15,000/-

कर्मचारी भवियय निधि संगठन
EMPLOYEES’ PROVIDENT FUND ORGANISATION
श्रम एवं रोजगार मंत्रालय, भारत सरकार
MINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIA
मुख्‍य कार्यालय/Head Office
भविष्‍य निधि भवन, 14, भीकाएजी कामा प्‍लेस, नई दिल्‍ली-110066
Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place, New Delhi- 110066

No. Pension/SupremeCourt/judgement/HPM/2022/Pt

Date: 04.05.2023

To,

All Addl. CPFCs, Zonal Offices.
All RPFCs / OICs, Regional Offices.

Subject- 1.16% increased contribution from employer’s share into the Pension Fund on salary exceeding Rs.15,000/- Reg.

Madam/ Sir,

Please refer to the G.O.I Gazette Notification No. S.O. 2061(E) dated 3rd May 2023 (copy attached).

Vide above Gazette Notification issued in exercise of the powers conferred by sub-clause (i) of clause (b) of sub-section (1) of section 16 of the Code on Social Security, 2020 (36 of 2020), following have been notified:

(i) In respect of members who have exercised joint option for contributing under the provisions of paragraph 11 of the Employees’ Pension Scheme, 1995 and who are found eligible, the employer’s contribution shall be nine and forty-ninth per cent. (9.49%) of the basic wages, dearness allowance and retaining allowance of each member by increasing one and sixteenth per cent. (1.16%) from the extant eight and one-third per cent. (8.33%); and

(ii) The increased contribution shall be applicable to basic wages, dearness allowance and retaining allowance to the extent such basic wages, dearness allowance and retaining allowance exceed fifteen thousand rupees per month