Retirement fund body EPFO is mulling a new pension product for organised sector workers who are getting basic wages of more than ₹15,000 per month and are not mandatorily covered under its Employees' Pension Scheme 1995 (EPS-95).
At present, all those employees in the organised sector whose basic wage (basic pay plus dearness allowance) is up to ₹15,000 per month at the time of joining service are mandatorily covered under EPS-95.
"There has been demand for higher pension on higher contributions among the members of the Employees' Provident Fund Organisation (EPFO). Thus, it is under active consideration to bring out a new pension product or scheme for those whose monthly basic wages are more than Rs 15,000," a source privy to the development told PTI.
