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The Employee Provident Fund Organisation (EPFO) has recently issued guidelines for eligible employees to opt for higher contribution towards Employee Pension Scheme (EPS). These guidelines were issued pursuant to a Supreme Court (SC) decision in November 2022 wherein the apex court had examined the legality of an amendment to the EPS in 2014. Pursuant to the apex court’s decision, eligible employees who would like to opt for higher contribution towards EPS are required to submit a joint declaration with the EPFO by 3 March 2023.
Grant Thornton Bharat hosted a webinar on Tuesday, 28 February, at 4:00 p.m. to discuss the Supreme Court ruling, the EPFO guidelines and the implications for employees and employers pursuant to this development.
