Considering increasing EPFO ​​salary limit, government made this plan, PF minimum salary can be up to Rs 30,000

EPFO: The Ministry of Labor and Employment is considering increasing the salary limit under the Employees Provident Fund Organization (EPFO). The limit under EPFO ​​is Rs 15,000 per month, which can be increased to Rs 25,000 and Rs 30,000 per month. Earlier changes were made in the year 2014. During that time there was a minimum limit of Rs 6,500, which was increased to Rs 15,000. Even at present there is a minimum limit of Rs 15,000 per month.

Uttar Pradesh government has recently ordered to increase the salary of private company employees after the Noida violence. After which the need for reconsideration was felt. The officials are also considering increasing the salary limit under the Employees’ State Insurance Corporation (ESIC), so that both the schemes can be brought at par with each other for better compliance and ‘ease of doing business’.

Consideration is going on regarding salary limit

The current salary limit under ESIC is Rs 21,000 per month. According to media reports, the ministry has taken cognizance of the recent increase in salaries in some states and is assessing its impact on social security coverage for these employees. The ministry will soon obtain necessary approvals before starting extensive consultations with all stakeholders regarding the new salary limit. Only after this the final form can be given.

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What will be the benefit?

If the minimum salary is increased, the employees will benefit from it and their retirement fund will also increase. But this may affect the balance sheet of employers. Now it remains to be seen to what extent the salary limit will be increased from Rs 15,000. Will it increase or not? That is, it is clear that this will directly benefit the employees.