June 13, 2016 8:27 PM

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EPFO may soon allow members to contribute for pension scheme

Employees Provident Fund Organisation may soon allow its subscribers to contribute voluntarily towards its pension scheme in addition to their employers' mandatory contributions. EPFO's Central Provident Fund Commissioner V P Joy said today that the organisation is considering a proposal to allow employees to contribute towards EPS 95 for getting enhanced benefits after retirement. At present, an employer contributes 8.33 per cent of basic wages every month towards the Employees' Pension Scheme, popularly called as EPS-95. Once the proposal is approved by the EPFO's Central Board of Trustees, the employees would have an option to contribute in addition to contributions made by employers.

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