EPFO: PM Narendra Led central government is set to increase the minimum salary of employees under EPFO from Rs. 15,000 to Rs. 21,000, recent media reports have suggested after the central government recently increased the salary limit from Rs. 6500 to Rs. 15000. Some employees have objected to the new proposal, and they have demanded that the salary ceiling be increased to Rs. 25,000.
Another big announcement regarding EPFO
The Narendra Modi government of the Centre can make another big announcement regarding EPFO. A decision may be taken to reduce the minimum number of employees to join EPFO. At present, the number is 20, which can be reduced to 10 to 15 employees. It will be beneficial that even the smallest institutions will be connected to EPFO.
Benefits during retirement
If the minimum salary of employees across the country under EPFO increases to Rs. 21,000, then its benefit will be available at the time of retirement. It will have a direct impact on pension and PF amounts. Your contribution will increase.
Wage limit under the Employee Provident Fund was last changed in 2014
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.