Cabinet raises EPFO wage ceiling to Rs 25,000 from Rs 15,000
The government has increased the provident fund wage ceiling to Rs 25,000 monthly. This significant move aims to expand social security coverage for many employees. The administration will allocate approximately Rs 11,339 crore annually for this initiative. Broader coverage will offer employees greater financial stability and aid retention. Union minister Ashwini Vaishnaw announced this decision…
The Union Cabinet has increased the Employees' Provident Fund Organisation (EPFO) monthly wage ceiling from Rs 15,000 to Rs 25,000, according to Union Minister Ashwini Vaishnaw. This decision, announced at a Cabinet briefing on Wednesday, aims to expand social security coverage for employees and enhance their stability. The government estimates that this change will cost around Rs 11,339 crore annually, up from the current expenditure of approximately Rs 10,250 crore.
Over five years, the estimated expenditure for the higher wage ceiling would total around Rs 56,696 crore.
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