Govt Raises EPFO Wage Ceiling to Rs 25,000 per Month
- On Wednesday, the Union Cabinet approved raising the EPFO wage ceiling for mandatory coverage to 25,000 rupees from 15,000 rupees per month, Information and Broadcasting Minister Ashwini Vaishnaw announced in New Delhi.
- This revision, occurring after 12 years, aims to expand social security coverage to reflect sustained wage growth and the expansion of formal employment in India.
- The decision brings over 51 lakh additional employees under mandatory coverage, with Union Labour Minister Mansukh Mandaviya noting annual government expenditure is estimated at 11,339 crore rupees.
- Starting Thursday, September 17, the scheme expands access to provident fund savings, pension protection under the Employees' Pension Scheme, and insurance coverage under the Employees' Deposit Linked Insurance Scheme.
- Over five years, estimated expenditure is approximately 56,696 crore rupees; employers' contributions will increase by 600 rupees per employee while workers gain better savings interest and death insurance, Mandaviya said.
48 Articles
48 Articles
EPF Salary Limit Increased After 12 Years; 51 Lakh Workers Set to Benefit: Check Details
The Union Cabinet has approved a significant enhancement to the Employees' Provident Fund (EPF), raising the monthly wage limit to 25,000 from 15,000.The decision was approved during the Cabinet meeting chaired by Prime Minister Narendra Modi, and will enable employees to come under the mandatory coverage for Employees' Provident Fund Organisation, according to the applicable rules.Union Minis
Govt raises EPFO wage ceiling to Rs 25,000 per month
New Delhi, Sep 16: The Union Cabinet on Wednesday approved a proposal to raise the wage ceiling for mandatory coverage under the Employees' Provident Fund Organisation (EPFO) to Rs 25,000 per month from Rs 15,000. The wage ceiling revision is taking place after 12 years. The decision is expected to bring more than 51 lakh additional employees within the ambit of mandatory EPFO coverage, significantly widening social security protection for worke…
Union Cabinet Raises EPFO Wage Ceiling to INR 25,000; 51 Lakh Workers To Get Social Security Benefits
The Union Cabinet raised the EPFO wage ceiling from INR 15,000 to INR 25,000 per month, benefiting 51 lakh employees with an outlay of INR 11,339 crore. Taking effect on September 17, the change expands mandatory social security and pension coverage. 'Nearly 51 lakh employees will benefit from this. Government expenditure would be INR 11,339 crore,' Vaishnaw said. Union Cabinet Raises EPFO Wage Ceiling to INR 25,000; 51 Lakh Workers To Get Socia…
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