The EPFO has refused to grant pension to the employees of the exemption companies on the basis of full salary. The decision of the EPFO became strong in the meeting of the Central Board of Trustees (CBT) meeting on Thursday. At present, EPFO approves 8.33 percent of salaries under EPS. For this, maximum salary limit of Rs 15000 has been kept. Apart from this, the pension is also given on the basis of salary of 15000 rupees per month. Earlier, the maximum limit was Rs 6500.
If the contribution from the EPFO is sanctioned on the whole salary, the pension will also be paid according to the average salary during retirement. According to the full pay, the pension payment will be much higher than the current limit. But EPFO is not ready for this at the moment. He has said that both the employees and the company should have got permission for it within 6 months of the payout across the fixed border. The Supreme Court ordered the EPFO to remove this time limit of 6 months.
