The record
Written from the 1 report below. Nothing here is unsourced.
- The Finance Ministry has approved raising the EPF wage ceiling from Rs 15,000 to Rs 25,000, the first such revision since 2014.
- Once implemented, over one crore private and organised sector workers are expected to come under mandatory EPF and EPS pension coverage.
- For those earning between Rs 15,000 and Rs 25,000 in basic pay, monthly PF contributions will rise from Rs 1,800 to Rs 3,000 each from employee and employer, increasing retirement corpus and future pension, though take-home salary may dip slightly.
- Employers' payroll costs will also increase marginally due to higher mandatory contributions.
What to watch next
- Notification and effective date for the new Rs 25,000 wage ceiling
- How many additional workers actually join EPFO coverage once implemented
- Employer response to higher payroll costs and any changes to salary structures
Coverage1
1 report
Indian-language1
All filed from India
Named India · private companies · Employee Provident Fund Organisation · Ministry of Finance
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