Pension is a big support after retirement. To get a higher pension, it is necessary to contribute more to the PF account. Currently, the current system allows EPFO members to contribute up to 12% of their salary, out of which 8.33% goes to EPS-95, while 3.67% goes to the EPF account.
However, the Ministry of Labor may increase the maximum contribution limit in the coming time. Higher contribution from the employee in EPS-95 will ensure higher pension.
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Consideration on improvement in EPS-95
News agency PTI has quoted an official source as saying that the Ministry of Labor may allow the members of the Employees’ Provident Fund Organization (EPFO) to make higher contributions for higher pension. For this, the ministry is considering making amendments in the Employees’ Pension Scheme 1995 (EPS-95).
A source said that if members contribute more to their EPS-95 account, they will get more pension. Therefore, the ministry is considering options to allow more contribution to EPS.
Under this, employees may also be allowed to contribute to EPS-95 to enhance pension benefits under the revised system.
6 jobs created with ₹1 crore capex
The source said that apart from improving social security benefits, the Narendra Modi government is also focusing on job creation in the country. He said that as per estimates, a capital expenditure of Rs 1 crore creates 3 to 6 jobs.
Apart from this, the source said that major infrastructure projects worth Rs 4.19 lakh crore have been approved and it is estimated that this will create more than 1.26 crore jobs.
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