EPFO mulling new pension scheme for formal workers getting over Rs 15,000 basic wage

Retirement fund body EPFO is mulling a new pension product for organised sector workers who are getting basic wages of more than Rs 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 Rs 15,000 per month at the time of joining service are mandatorily covered under EPS-95.

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