Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Dear All,

Trustees of retirement fund body Employees Provident Fund Organisation (EPFO) on Wednesday approved a proposal to provide a monthly pension of minimum Rs. 1,000, a decision that will immediately benefit about its 28 lakh pensioners.

The Central Board of Trustees (CBT), the apex decision-making body of EPFO, also decided to raise the monthly wage ceiling to Rs. 15,000 from Rs. 6,500 by amending the Employee Provident Fund scheme, 1952, so that more workers can be brought under its various social security programmes.

"The board has decided to approve the proposed amendments in the schemes to ensure that Rs. 1,000 minimum monthly pension under EPS-95 and also increased the wage ceiling to Rs. 15,000 per month," Labour Minister Oscar Fernandes, who chaired the CBT meeting, told reporters here.

At present, workers getting basic wages, including basic pay and dearness allowance, of up to Rs. 6,500 are mandatorily covered under the ambit of Employees' Provident Fund Organisation (EPFO).

According an EPFO official, the Labour Ministry will soon move proposal before the Union Cabinet for its approval for the Rs. 1,000 minimum monthly pension.

"We have also reduced the administrative charges paid by the employers. Their burden would increase with the increase in wage ceiling," the Minister said.

The board has also decided to reduce administrative charges from 1.10 per cent of the basic wage, including basic pay and dearness allowance, to 0.85 per cent. Besides, the trustees have also approved a proposed change in the methodology of computing the pensionable salary.

The pensionable salary will be calculated on the basis of average salary of the last 60 months instead of 12 months as provided in the EPS-95.

Regards,

K.SAIKISHORE

9949423193

From India

Attached Files
File Type: pdf PF WAGE LIMIT GAZETTE.pdf (259.5 KB, 746 views)

Anonymous
Dear Sir I need a one clarification Please let me know I refer the entire notification but there is no amendment in regarding for reduced administrative charges 0.85 percent from 1.10 percent .
From India, Coimbatore
does this mean that the minimum wages to be paid for any labour or executive employee will be 15000 rs and if so how will it effect the small and medium business across the country. Just a clarity requested
From India, Delhi
Dear sir
I just want to know about that, there is any changes in contribution of A/C no 2,21,22 ?
As per have information about EDLI maximum may gain 3.6. Now any additional charges employer have to contribute for it?

From India, Pune
DEAR ALL, PROVIDENT FUND CEILING LIMIT FROM 6500 TO 15000, MINIMUM PENSION FIXED AT Rs. 1,000 AND EDLI AMOUNT ALSO REVISED. THIS IS FOR YOUR KIND INFORMATION . Regards M.S. RAWAT
From India, Delhi

Attached Files
File Type: pdf EDLI_AmendmentScheme_7736.pdf (83.4 KB, 156 views)
File Type: pdf Comp_Instructions_WageCeiling_7533.pdf (76.5 KB, 129 views)

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™