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The Supreme Court here on Friday delivered its judgement on a set of appeals filed by the Employees Provident Fund Organization (EPFO) and the union government against the judgements of Kerala, Rajasthan and Delhi High Courts which quashed the Employees' Pension (Amendment) scheme 2014.
Giving relief to the employees, the SC partially upheld the Kerala High Court judgement and quashed the limit of Rs 15,000 monthly salary for joining the pension fund.
Earlier, the Kerala High Court had set aside the 2014 amendment and revoked the threshold limit of Rs 15,000 monthly salary for joining the pension fund.
But this judgement will be kept in suspension for 6 months so that authorities can generate fund.
A bench comprising Chief Justice of India UU Lalit, Justice Aniruddha Bose and Justice Sudhansha Dhulia pronounced the verdict while hearing the appeals.
The court has pronounced that pension amount for the employees will be calculated based on the average of the salary in last 60 months.
"Employees who could not exercise option due to the cut-off date shall be given a further chance to exercise option. They shall be given a further chance of 4 months.Employees who retired prior to September 1, 2014 without exercising option will not be entitled to the benefit of the judgment," said the bench.