Basic salary cap for EPFO will be Rs. 15000

This Finance ministry offers cleared the Employees' Provident Deposit Organsiation's (EPFO) proposal to get the monthly fundamental salary cap to help Rs 15, 000.

Currently, the cap are at Rs 6, 500.

All employees with around Rs 15, 000 basic month-to-month salary will mandatorily need to contribute at least 12 % of their salary towards the employee provident fund (EPF) plus the employer will also need to make an similar contribution.

Provident fund commissioner KK Jalan explained now the proposal should go to Central Board of Trustees (CBT), that can notify it as well as send it on the Labour Ministry.

He said this CBT in the February 5 meeting will discuss the way to implement this pitch.

"With elections due in May as well as model code gonna come into force the following month, if the proposal has to be implemented, it has to be done within monthly, " he explained.

The Finance Ministry got earlier also eliminated the proposal regarding minimum pension regarding Rs 1, 000 monthly to pensioners. Currently, they are receiving a typical Rs 562. As outlined by EPFO, there usually are 2. 8 million pensioner who definitely are receiving less as compared to Rs 1, 000 monthly as pension.
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