The Supreme Court will today consider an appeal filed by the Ministry of Labor and Employment against the decision of the Kerala High Court, which allowed high pension as per the salary of the employees.
There can be a big decision on pension in the Supreme Court. The Supreme Court will today consider an appeal filed by the Ministry of Labor and Employment against the decision of the Kerala High Court, which allowed high pension as per the salary of the employees. The three-judge bench headed by Justice U Lalit will consider the petitions today. Earlier, the Kerala High Court and the Supreme Court have ruled in favor of EPFO pensioners. The apex court will consider 50 petitions that indicated the decision to allow high pension to employees.
In the new appeal filed by the Center, it has been told that the limit of Rs 15,000 was fixed for economically and socially backward people. If the Supreme Court repeats the prescribed limit, then EPS will be reduced by Rs 15.28.519.47 crore. The Employees Pension Scheme (EPS) was introduced in 1995 to give the benefit of monthly pension after retirement to the employees of private sector organized sector. According to the EPF Scheme, 1952, any institution deposits 8.33% of its employee’s EPF contribution to the EPF of 12%. When the employee completes the age of 58 years, then that employee can get the benefit of monthly pension from this EPS EPS money.
1000 rupees per month gets pension
Let me tell you, there are more than 23 lakh pensioners in EPFO, who get pension of Rs 1,000 every month. While his contribution to PF is less than a quarter of it. Prior to the amendment, the maximum pensionable salary was Rs 6,500. However, it allowed pensioner salaries to be based on high salary at the reciprocal option of employer and employee. The 2014 amendment raised the maximum pensionable salary to Rs 15,000 per month.