Higher Pension in Private Jobs: Supreme Court Upholds Kerala HC Judgment
New Delhi: The Supreme Court on Monday, 1 April, dismissed a special leave petition filed against the Kerala High Court judgment making way for higher pension for people employed in the private sector.
The HC had asked Employees Provident Fund Organisation (EPFO) to give pension to the retiring employees on the basis of their full salary instead of capping maximum pensionable salary to Rs 15,000 per month.
The SC in its ruling said, "We find no merit in the special leave petition."
However a report in The Times of India points out that after this ruling, the pension will increase as the extra contribution will go to EPS but the provident fund corpus will be reduced.
The Employee Pension Scheme was introduced in 1995 under which the employer was contributing 8.33% of the employee's salary in a pension scheme. But the contribution was capped at 8.33 percent of Rs 6,500. This was amended in September 2014 to increase the contribution to 8.33% of Rs 15,000.
This amendment was set aside by the Kerala HC reinstating the old system of calculating pensionable salary as the average of the last one year's monthly salary.
courtesy: thequint.com
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CM Stalin tenders resignation: DMK sources
Chennai (PTI): DMK President M K Stalin on Tuesday resigned as Tamil Nadu Chief Minister, party sources said.
The resignation letter has been forwarded to the office of the state Governor Rajendra Vishwanath Arlekar, the sources added. DMK was defeated in the April 23 Assembly polls by Vijay-led TVK.
DMK has won 59 seats in the 234-member strong TN Assembly and has emerged as the principal opposition party.
The AIADMK won 47 seats.
TVK has won 108 seats and it is the single largest party.
Stalin has said that the DMK would function as a robust opposition party.
