Retirement fund body EPFO may soon allow its sub scribers to contribute voluntarily towards its pension scheme in addition to their employers' mandatory contributions. “We are considering a proposal to allow employees to contribute towards 'EPS 95' for getting
enhanced benefits after retirement. But that contribution would be paid by the employees,“ EPFO's Central Provident Fund Commissioner V P Joy told PTI. At present, an employer contributes 8.33% of basic wages of Rs. 15,000 per month towards to the Employees'
Pension Scheme 1995 (EPS-95). The threshold for monthly basic wages for deduction of EPS Rs. 15,000. Therefore, the maximum contribution in a pension account can be Rs. 1,424 every month. - www.economictimes.indiatimes.com [14-06-2016]