Friday, April 26, 2019
Wednesday, February 20, 2019
EPFO is a proposal to hike wage ceiling for coverage 15,000 to 25,000
New Delhi: Retirement fund body EPFO is likely to approve a proposal to hike wage ceiling for coverage under its social security schemes to Rs 25,000 per month from the existing Rs 15,000, as per media reports.
The move can bring in 50 lakh more formal sector workers into the social security net of the Employees' Provident Fund Organisation (EPFO) in addition to its existing subscriber base of around 4 crore organised sector workers.
EPFO had increased the wage ceiling to Rs 15,000 per month from Rs 6,500 on September 1, 2014 in view of price rise and pay revisions in the formal sector.
The Union Cabinet made it optional for employees earning less than Rs 15,000 per month to contribute towards EPFO schemes.
At present, employees are required to contribute 12 percent of their basic wages towards social security schemes run by the EPFO.
किसानों और सरकारी कर्मचारियों को तोहफा
In what comes as a major relief for government employees, the Union Cabinet on Wednesday approved the release of an additional instalment of Dearness Allowance to central government employees and Dearness Relief to pensioners with effect from January 1, 2019. This will involve an increase of 3% over the existing rate of 9% of the basic pay or pension.
“The Union Cabinet has given its approval to the release of an additional instalment of Dearness Allowance (DA) to Central Government employees, and Dearness Relief (DR) to pensioners w.e.f. 1.1.2019 representing an increase of 3% over the existing rate of 9% of the Basic Pay/Pension, to compensate for price rise,” the government said in a release.
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