No proposal to hike contribution to EPF, Pension Scheme / Dec 12, 2005 / New Kerala

From Indiapensions

No proposal to hike contribution to EPF, Pension Scheme

New Delhi: There is no proposal for raising the rate of monthly contribution either under the Employees' Pension Scheme or the Employees' Provident Fund Scheme, the government informed the Lok Sabha today.

At present, the rate of contribution payable by the employeers as well as the employees to the EPF is 12 per cent of basic wages, dearness allowance (DA) and retaining allowances (if any) except in case of certain categories of establishments, Labour Minister K Chandrasekhar Rao said in a written reply.

Further, according to the provisions of the Employees' Pension Scheme, 1995, pension fund contribution at the rate of 8.33 per cent of employees' pay is payable from and out of the employers' share of PF contribution in each month by the employer within 15 days of close of every month.