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Center Likely to Increase EPFO Wage Ceiling to Rs. 21,000, Benefiting Employees
The Indian government is set to raise the wage ceiling for employees under the Employees' Provident Fund Organization (EPFO) from Rs. 15,000 to Rs. 21,000.
The Center is likely to announce good news for wage earners soon. It plans to increase the maximum wage ceiling for employees under the Employees' Provident Fund Organization (EPFO). A decision on this matter is expected soon, according to a report by 'The Economic Times,' citing reliable sources.
Currently, the EPFO wage ceiling is set at Rs. 15,000, but it is expected to be raised to Rs. 21,000.
Additionally, the mandatory registration of companies with EPFO depends on the number of employees they have.
It is now being reported that the threshold for employee count may also be lowered.
At present, companies and entities that have more than 20 employees are required to register with EPFO. However, small and medium enterprises are reportedly opposing this proposal.
While increasing the wage limit may place a burden on both the government and private sector, it will certainly benefit employees.
The EPFO wage ceiling was last revised in 2014 when it was increased from Rs. 6,500 to Rs. 15,000.
If the wage ceiling is increased, the amount credited to employees' provident fund accounts will also rise. Typically, an employee contributes 12% of their wages to the EPF, and the employer matches this with another 12%.
