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…
On Wednesday, India's cabinet approved raising the wage ceiling for Employees' Provident Fund (EPFO) coverage from ₹15,000 to ₹25,000, announced Information Minister Ashwini Vaishnaw. This revision, which comes 12 years after the last change, is expected to bring over 51 lakh additional employees under mandatory EPFO coverage, expanding social security protection for workers.
The government estimates the annual outgoings at about ₹11,339 crore, with an expected expenditure of approximately ₹56,696 crore over five years. EPFO currently manages the Employees' Provident Fund, Employees' Pension Scheme, and Employees' Deposit Linked Insurance Scheme, with around 7.98 crore contributing members across 7.68 lakh establishments, and provides pension benefits to 82 lakh pensioners.
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- EPFO wage ceiling raised to ₹25,000 from ₹15,000: Ashwini Vaishnaw livemint.com
- EPFO wage ceiling raised to Rs 25000 per month; over 10 million formal sector workers to benefit economictimes.indiatimes.com
