If the Govt. really wants the employees of private sector reap benefit of the Employees Pension Scheme 1995, then it should increase the maximum limit from Rs. 6500.00 to at least Rs. 15000.00 at per with ESI limit. The rate has not been revised for more than 15 years. Normally employers deduct P. F. contribution on Rs. 6500.00 irespective of actual salary which is generally much more. On the basis of pensionable salary of Rs. 6500.00, an employee gets a paltry amount as monthly pension after completion of 20 or more years of service. This amount is not adequate for social security for an old man considering the present high inflation.
This amount is a good savings for the employee whose basic is more than 10000 or 15000 where he will get between 400 to 1000 as increase in contribution.
When the ESI increased the wage ceiling from 10000 to 15000 the PF wage ceiling should have been also increased so that many lakh employees would have been benefited.
Why Vote? User validation is extremely important for good content to prosper.