EPFO UPDATE: Since the central government launched UPS, PF employees with private jobs have also demanded an increase in their minimum pension. PF employee organizations have been continuously writing letters to the government demanding a manifold increase in the minimum pension amount. Not only this, they are also demanding to increase the wage ceiling limit under EPFO ​​from Rs 15,000 per month to Rs 21,000.

It is expected that the government can increase the minimum pension amount to Rs 10,000. If the government accepts the demand of PF employees and increases the minimum pension, then this year will be like a big gift. At present, there is a provision to give a minimum pension of Rs 1,000 per month to PF employees after retirement.

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Will the contribution in EPS increase?

At present, 12 percent of the basic salary is deposited in the account of PF employees every month. The company also deposits 12 percent in this. Out of 12%, 8.33% is deposited in the EPS account by the company. The remaining 3.67% amount is deposited in the PF account.

Now according to the rules, the maximum limit of eligible salary is up to Rs 15,000. In such a situation, 15000 X 8.33 /100 = Rs 1250 goes to his pension account every month. Apart from this, the remaining amount of Rs 1750 is transferred to the EPF account. If for some reason the maximum limit of salary is Rs 21000, then 21000 X 8.33 /100 = Rs 1749 will have to be invested in EPS and Rs 1251 per month in EPF.

The government has announced the interest

The central government has given good news to the employees by announcing the interest amount for the financial year 2024-25. This time 8.25 percent interest has been announced to PF employees. In the last financial year 2023-24 also, PF employees were given only 8.25 percent interest. About 7 crore employees will get the benefit of interest. Now all the employees are eagerly waiting for the money to come into their accounts.

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