The Ministry of Labour and Employment, (MoL&E) on May 03, 2023, decided to bring into force the relevant provisions of the Code on Social Security, 2020.
The Central Government has decided to bring into force the relevant provisions of the Code on Social Security, 2020.
The following has been decided-
(i)In respect of members who have exercised a joint option for contributing under the provisions of paragraph 11 of the Employees’ Pension Scheme, 1995 and who are found eligible, the employer’s contribution shall be nine and forty-ninth per cent. (9.49%) of the basic wages, dearness allowance and retaining allowance of each member by increasing one and sixteenth percent. (1.16%) from the extant eight and one-third per cent. (8.33%).
(ii)The increased contribution shall be applicable to basic wages, dearness allowance and retaining allowance to the extent such basic wages, dearness allowance and retaining allowance exceed fifteen thousand rupees per month.
This notification shall be deemed to have come into force on September 01, 2014.
[Notification No. S.O. 2061(E)]
