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.
In this context I would like to have a suggestion to you to increase the PF slab also as the current PF slab is Rs. 6500 since long. Now due to the global financial situation it is very necessary to amend this slab because at the time of retirement at the age of 58 employee working in a private sector will get very nominal amount. It will be very hard for a person to run his family with PF amount and pension amount what he will get as per the current slab
As you are aware inflation rates are in upward trend and rates of all the necessary items has increased steeply. How can an average middle class Indian can fulfill his basic requirements from above PF amount when he retires.
I think government should change the policy and take some more effective actions keeping in mind long time inflation rate. You can understand the critical position of a person retiring at the age of 58 especially private sector employees.
Government should think about middle class family. “Poor are becoming poor day by day”
Expecting some amendments in PF slab in the new Fiscal Year.
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.
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