Before 2025, central government employees are getting good news one after another. This time will be no exception. The BJP-ruled central government is going to give a big gift to the government employees. In order to strengthen the social security of employees working in the organized sector, the Central Government can increase the minimum wage ceiling under the Employees Provident Fund (EPF) from the existing Rs 15000 to Rs 21000. Apart from this, the number of 20 employees for any company to join EPFO can be reduced to 10-15 so that more and more companies can be brought under the purview of EPFO.
Good news for government employees
The minimum wage limit under the Employee Provident Fund was last changed in 2014. Then the minimum wage limit was increased from Rs 6500 to Rs 15000. But there has been no change in this limit in the last 10 years. According to the Economic Times report, the current Labour and Employment Minister Mansukh Mandaviya is reviewing all the pending cases, and the government also believes that there is a need to increase the limit of the number of employees to join the EPF along with the minimum wage limit for the Employee Provident Fund.
Money hikes up to 21,000!
With the minimum wage limit of Rs 21000, more money will be deducted from the salary of the employees for the provident fund, and the contribution to the Employee Pension Scheme (EPS) will also increase. Under the Employee Provident Fund, both employees and employers are required to contribute 12% of their basic salary to the EPF. 12 percent of the employee’s EPF account is deposited in the EPF account; out of 12 percent of the employee’s share, 8.33 percent is deposited in the EPS (Employees Pension Scheme), and 3.67 percent is deposited in the EPF account. With the increase in the minimum wage limit under EPF, the salary of the employee will be deposited more in the EPF account, and the EPS contribution will also increase.
In fact, in the meeting of the Central Board of Trustees of EPFO, there have been many demands to increase the minimum wage limit, whose members are members of employee unions.
