The Pension Fund Regulatory Development Authority has requested the Central Board of Direct Taxes to allow companies and state governments to allocate 14% for employees pension fund scheme, similar to the revision made for central government employees to 14% from 10% in April.
The employee contribution towards the pension fund remains at 10%, hence adding up to a total of 24%.
Source: THE TIMES OF INDIA, MONDAY JUNE 3, 2019, PAGE 13
