EPFO Wage Limit: The central government is going to give very good news to the employees coming under EPFO very soon. The government can take a decision to increase the minimum salary of EPFO shareholders. This demand has been going on for a long time. The salary limit was last revised in September 2014.
Preparations to increase the salary from 15000 to 21000 under EPFO
According to ET report, the Narendra Modi government at the Center is preparing to increase the minimum salary of employees coming under EPFO from 15000 to 21000. Modi government recently increased the salary limit from 6500 to 15000. Some employees have raised objections to the new proposal and their demand is that the salary limit should be increased to 25000.
The minimum number of employees to join EPFO can be reduced
The Narendra Modi government at the center can make another big announcement regarding EPFO. A decision can be taken to reduce the minimum number of employees to join EPFO. At present, the number is 20, which can be reduced to 10 to 15 employees. The advantage of this will be that even the smallest institutions will join EPFO.
What will be the benefit of increasing EPFO salary limit
If the minimum salary of the employees across the country coming under EPFO increases to 21000, then its benefit will be available at the time of retirement. Its direct effect will be seen in pension and PF amount. Your contribution will increase.
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