Rate of Contribution in respect of members who have exercised joint option for contributing under Para 11 of EPS, 1995

Rate of Contribution in respect of members who have exercised joint option for contributing under Para 11 of EPS, 1995

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, the Ministry of Labour & Employment has issued a notification No. S.O. 2061(E). dated 3^rd May, 2023, hereby notifying the following, namely:-

(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.

This notification shall be deemed to have come into force on the 1st day of September, 2014.

MoL&E Notification under Code of Social Security regarding Rate of Contribution in respect of members who have exercised joint option for contributing under Para 11 of EPS,1995