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Released Date: 23rd Mar, 2017

Central

Allowing EPS Members The Benefit Of The Actual Salary In Pension Fund Exceeding Wage Limit

As per EPFO Circular dated 23rd March 2017, the EPFO has stated that for situations in which the deposit of employer's share of contribution of 12 % was on actual salary and not on ceiling amount, PF withdrawn by members could be sought to be refunded by PF Commissioner, before granting members the benefit under this order. Members of the EPS, 1995 who had contributed on higher wages exceeding the statutory wage ceiling of Rs 6500 in the Provident Fund may now divert 8.33% of the salary exceeding Rs.6500/- to the Pension Fund with up to date interest as declared under EPF Scheme, 1952 from time to time to get the benefit of pension on higher salary on receipt of joint option of the Employer and Employee. Thus, a member contributing to the Provident Fund on the wages exceeding statutory ceiling can now contribute on such higher wages to the pension fund and such higher sum contributed to PF can be diverted to the pension scheme

Effective Date: 23rd Mar, 2017

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