BUSINESS
EPFO: Govt's big decision on PF, salary limit increased from 15 thousand to 25 thousand, now their contribution will also be deducted...
Union Cabinet has handed out a significant gift to salaried employees. According to reports, at a key meeting of the Union Cabinet, the salary limit for mandatory coverage under the EPF and Employee Pension Scheme has been increased from ₹15,000 to ₹25,000 per month, effective September 17th.
This means that private sector employees earning a basic salary of ₹25,000 plus DA will now be required to contribute to the EPS (Employment Pension Scheme) along with their PF. Previously, this limit was ₹15,000.
Union Minister Ashwini Vaishnav announced this after a cabinet meeting. The minister stated that this will bring more private sector employees under the pension scheme. He further stated that this decision was taken with the aim of enhancing the social security of employees.
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