te EPFO News: Government mulling over increase of the salary limit from ₹ 15,000 to ₹ 21,000, 75 lakh employees to benefit

EPFO Alert! Government mulling over increase of the salary limit from Rs 15,000 to Rs 21,000, 75 lakh employees to benefit

The Employees Provident Fund Organization (EPFO) is contemplating at increasing the existing salary limit for pension benefits. EPFO is mulling over the increase of the wage limit of Rs 15000 to Rs 21,000 per month. 

EPFO Alert! Government mulling over increase of the salary limit from Rs 15,000 to Rs 21,000, 75 lakh employees to benefit
According to the source, most of the members of EPFO ​​are in favour of this decision because the last revision in the salary limit was done in 2014.

EPFO Alert: There is good news for lakhs of employed people in the country. The Employees' Provident Fund Organization (EPFO) is contemplating at increasing the existing salary limit for pension benefits. EPFO is mulling over the increase of the wage limit of Rs 15000 to Rs 21,000 per month. 

75 lakh employees will benefit

According to the source, most of the members of EPFO ​​are in favour of this decision because the last revision in the salary limit was done in 2014. With this increase in the salary limit, more people will be brought under the ambit. More than 75 lakh employees can get its direct benefit.

TRENDING NOW

The government's approval awaited

It is necessary to get the approval of the government on this decision of the EPFO ​​board because only after getting the green signal from the government the board can proceed with it. This decision will put a burden on the government. The government spends around Rs 6,750 crore every year on the Employees' Pension Scheme EPFO. After the increase in the salary limit, the government will have to make a separate provision for it.

The last amendment was done in 2014

The EPF scheme is necessary for the employed people with a salary of less than Rs 15,000. In this, the government gives 1.6 per cent of your basic salary as a contribution to your PF account. By increasing the salary limit from Rs 15,000 to Rs 21 thousand, 75 lakh employees can get the benefit. Last time the salary limit was increased to Rs 15,000 in 2014.

For more details, Watch Full Details Here:-

Reported By: Ambarish Pandey
Written By: ZeeBiz WebTeam
Updated: Tue, Apr 19, 2022
02:41 pm
ZeeBiz WebDesk
RELATED NEWS
EPFO rolls out centralised pension system in all regional offices; 68 lakh pensioners to benefit EPFO rolls out centralised pension system in all regional offices; 68 lakh pensioners to benefit
EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour Secretary EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour Secretary
EPFO extends deadline for employers to upload pending pension applications until January 31, 2025 EPFO extends deadline for employers to upload pending pension applications until January 31, 2025
EPFO Board approves key reforms: Auto-claim limit increased to Rs 1 lakh, pension disbursement streamlined & other decisions EPFO Board approves key reforms: Auto-claim limit increased to Rs 1 lakh, pension disbursement streamlined & other decisions
Domestic youth unemployment lower than global levels: Labour Ministry Domestic youth unemployment lower than global levels: Labour Ministry

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x