Soon, EPFO to hike minimum salary limit for maintaining PF account to Rs 25,000 per month
The Employees Provident Fund Organisation (EPFO) is likely to hike the limit for compulsorily maintaining a PF account to Rs 25,000 from the existing Rs 15,000.
Zee Media Bureau
New Delhi: The Employees Provident Fund Organisation (EPFO) is likely to hike the limit for compulsorily maintaining a PF account to Rs 25,000 from the existing Rs 15,000.
A decision regarding enhancing the minimum wage limit has already been taken by the Sub-committee of the Central Board of Trustees, EPFO, on contract workers, early November.
Central Board of Trustees (CBT) is the highest decision-making body of the EPFO.
The proposal is to be sent to the government for Cabinet approval.
What doe hike in wage limit for PF means to common salary class?
A hike in the wage limit as proposed would mean all employees drawing basic salary Rs 25,000 would have to compulsorily contribute to the provident fund.
Those drawing above that limit will have the option whether they would like to become member of the provident fund or not.
Trade union representatives at the Central Board of Trustees sub-committee meeting highlighted that the minimum wage of Central government employees after implementation of the Pay Commission report has been hiked to Rs 18,000, which inevitable calls for a hike in the wage ceiling of Rs 15,000.