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Labour Laws Central Ministry of Labour and Employment Employees' Provident Funds and Miscellaneous Provisions Act, 1952

Employees Provident Fund Organisation (EPFO) has issued method of computation of pension under Employees Pension Scheme, 1955

01-Jun-2023 | Pension/SC/HigherPension/2022/1357

Ministry of Labour & Employment has issued a circular under para 14 of Employees Pension Scheme, 1955 which states the method of computation of pension related to validation of option/ Joint option, effective from, 01.06.2023. By virtue of this Circular, EPFO has stated two eligible categories for higher wages pension: a. Pension shall be calculated based on average monthly pay drawn during contributory period of service in the 12 months preceding the date of exit from the pension fund in cases found eligible for pension on higher wages where date of commencement of pension is prior to 01.09.2014. b. Pension shall be calculated based on average monthly pay drawn during contributory period of service in the 60 months preceding the date of exit from the pension fund in cases found eligible for pension on higher wages where date of commencement of pension is post 01.09.2014.

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