EPFO wage ceiling raised to ₹25,000 from ₹15,000: Ashwini Vaishnaw
India's cabinet has approved increasing the wage ceiling for Employees' Provident Fund coverage from 15,000 to 25,000 rupees, as announced by Information Minister Ashwini Vaishnaw.
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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