The Union Cabinet has approved raising the EPFO monthly wage ceiling from Rs 15,000 to Rs 25,000 to expand social security coverage.
Reader brief
No Reader read of this story yet.
What was said2
Attributed, verbatim. Every quote is checked against the article it came from. One that does not match is not shown.
Puneet Gupta
2 quotes“With the ceiling now proposed to increase to Rs 25,000, mandatory EPF contributions will correspondingly apply on wages up to Rs 25,000 per month instead of Rs 15,000. This is expected to enhance retirement savings and social security coverage for employees”
“However, it will also have a direct cost implication for employers through higher PF, pension and EDLI contributions, particularly for employees currently drawing wages between Rs 15,000 and Rs 25,000 where contributions are restricted to the statutory ceiling. Employees in the affected salary bracket are also likely to witness a reduction in take-home pay due to the higher employee PF contribution”
Sources1
All filed from IndiaNamed India · Employees' Provident Fund Organisation · Expenditure Finance Committee · EY India · Ministry of Labour & Employment · Puneet Gupta · Union Cabinet
- [1]The Times of IndianeutralCabinet approves raising EPFO wage ceiling to Rs 25,000; why it matters