Finance Ministry May Raise Wage Cap for Provident Fund to Rs 15,000 per Month
The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring long-term savings into the cash-strapped infrastructure sectors, deepen the corporate bond market, and possibly even make Indian stocks less vulnerable to the whims of foreign institutional investors.
The proposal, moved by the labour ministry, seeks a conditional pact with the finance ministry, under which the finance ministry will raise the statutory wage ceiling for provident fund contributions to Rs 15,000 per month from Rs 6,500. The labour ministry will, in turn, commit to route a bulk of the incremental annual inflows of Rs 90,000 crore into government bonds and infra projects, where it does not invest.
Read further at http://Finance Ministry may raise wa...Economic Times.
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59The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring long-term savings into the cash-strapped infrastructure sectors, deepen the corporate bond market, and possibly even make Indian stocks less vulnerable to the whims of foreign institutional investors.
The proposal, moved by the labour ministry, seeks a conditional pact with the finance ministry, under which the finance ministry will raise the statutory wage ceiling for provident fund contributions to Rs 15,000 per month from Rs 6,500. The labour ministry will, in turn, commit to route a bulk of the incremental annual inflows of Rs 90,000 crore into government bonds and infra projects, where it does not invest.
Read further at http://Finance Ministry may raise wa...Economic Times.
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PF is not in line with wage cap This is only a proposal, not approved
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Dear Saswatabanerjee, The article also says that it is just a proposal by the Finance Minister and not a approved Notification. Nowhere in the article it is written it is approved or bill has passed.
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Provident fund.zip
Minimum Wage Increase w.e.f. 01.07.2021.pdf
SALARY CERTIFICATE- MINISTRY OF FINANCE's Notification on formats.docx