The Employees' Provident Fund Organisation (EPFO) is likely to approve a proposal to hike the wage ceiling for coverage under its social security schemes to Rs 25,000 per month from the existing Rs 15,000 on December 19.
The move can bring in 50 lakh more formal sector workers into the social security net of the retirement fund body in addition to its existing subscriber base of around four crore organised sector workers.
From India, Bagnan
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7The move can bring in 50 lakh more formal sector workers into the social security net of the retirement fund body in addition to its existing subscriber base of around four crore organised sector workers.
From India, Bagnan
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So far, so good. But the interest rate has been lowered this time. As such, almost all employees either covered under a trust or in EPFO are included. There will be an impact if the coverable wage limit is not frozen. Let's see the ordinance.
Regards,
RDS Yadav
From India, Delhi
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Regards,
RDS Yadav
From India, Delhi
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HIKE OF EPF CEILING LIMIT.jpg
PF Notification for enhancement of wage ceiling & Pension wef 1-Sep-14.pdf