EPFO: Employees’ salary limit raised to Rs 21,000A good news has been provided through EPFO for lakhs of employees of the country. If all goes well, the salary of the employees can increase. Till home salary may be less but it is going to be very beneficial for the job profession category. Retired fund body Employees Provident Fund Organization (EPFO) is contemplating to increase the salary limit for pension from the existing Rs 15000 to Rs 21000. EPFO members pensionable According to media reports in salary, it has been learned that EPFO is in favor of increasing the salary.
The last revision on the limit of pensionable salary was done in the year 2014. In which the government had increased the PF salary limit from Rs 6500 to Rs 15 thousand.
EPFO: Employees’ salary limit raised to Rs 21,000
By increasing the salary limit of the employees, while on the one hand more people than the new limit will be brought under the ambit, it will also become a great burden for the government. At present, the green signal has not been given by the government for this. The government will have to bear the expenditure of Rs 6,750 crore for the increased salary limit. It has been considered to increase the salary in EPS from CA 15 thousand to 21 thousand rupees.
in the salary of employees EPFO’s board members can limit this limit We are in favor of increasing it to 21,000 but for now the approval of the government is necessary. For this, the government will have to make additional provision for which Rs 6,750 crore will be spent.
The government contributes 1.16% towards the basic salary of the beneficiary. EPF scheme is necessary for those earning 15 thousand rupees. 75 lakh employees will benefit from increasing the salary limit. In the year 2014, the EPF limit was increased to Rs 15,000.
As per the existing rates of contribution as on 01-09-2014 in the case of an existing EPS member whose pension contribution was earlier paid to the EPS salary limit of Rs.6500. Contributes above the salary limit of Rs 15,000 with effect from 1st September 2014.