PFA circular dated 8.6.2018 issued by EPFO on the subject. Thanks
From India, Malappuram
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1454From India, Malappuram
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Hello I want to understand that higher wages means pension revision on the basis of revision in the wage after the retirement of the pensioners. Please help me to understand Thanks Rajan
From India, Faridabad
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From India, Faridabad
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Dear Rajan ji,
I will explain to you briefly. Pension contribution is now restricted to Rs. 15,000 (previously Rs. 6,500). Pension is calculated based on this pensionable salary. The Supreme Court has stated that if you desire a higher pension, you must contribute more. Therefore, you can now contribute more to receive a higher pension, retroactively, if your salary exceeds the threshold.
I hope you understand it.
From India, Mumbai
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I will explain to you briefly. Pension contribution is now restricted to Rs. 15,000 (previously Rs. 6,500). Pension is calculated based on this pensionable salary. The Supreme Court has stated that if you desire a higher pension, you must contribute more. Therefore, you can now contribute more to receive a higher pension, retroactively, if your salary exceeds the threshold.
I hope you understand it.
From India, Mumbai
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Compendium of Imp. judgments on EPS’95 Revision of Pension on higher wages by Parveen Kohli (981.pdf
EPFO - Higher Pension Option Form - Final.doc