Dear seniors, does central government contribute 1.16% in eps? If you have more information about the same please do share.
From India, Pune
467From India, Pune
Dear Prashant,
Statutory obligation of pension contribution is up to ceiling salary only. But there was an option to contribute on actual salary beyond ceiling limit. From 01.09.2014 onwards this provision is withdrawn. However those who have already exercised the option can continue to contribute on actual salary, provided 1) They have to give a fresh option within six months w.e.f 01.09.2014 and 2) The Govt. contribution of 1.16% for above ceiling salary has to be paid by the member.
All provisions of the Employees' Pension Scheme is applicable to all EPF members irrespective of Public / Private Institutions.
Abbas.P.S
From India, Bangalore
Statutory obligation of pension contribution is up to ceiling salary only. But there was an option to contribute on actual salary beyond ceiling limit. From 01.09.2014 onwards this provision is withdrawn. However those who have already exercised the option can continue to contribute on actual salary, provided 1) They have to give a fresh option within six months w.e.f 01.09.2014 and 2) The Govt. contribution of 1.16% for above ceiling salary has to be paid by the member.
All provisions of the Employees' Pension Scheme is applicable to all EPF members irrespective of Public / Private Institutions.
Abbas.P.S
From India, Bangalore
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Central-Governm ent- of-India-Holida y-List 2016.pdf
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