Just a few more days, then the lottery can be played for EPFO members. Actually, there is a great news for lakhs of employees working in the private sector. If you are an employee and your salary is more than Rs 15,000, then let us inform you that the demand for increasing the EPF wage limit has reached its final stage. A recent order of the Supreme Court has raised the hopes of lakhs of employees who were waiting for this rule to change for the last 11 years.
PF salary limit be increased up to Rs 30,000?
This news about EPFO is relevant to your pocket and your future. If you are working in a private organization, then this article will make you happy.
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Actually, the government is preparing to increase the salary limit under the Employees’ Provident Fund Organization. Currently, the maximum salary limit for PF contribution is Rs 15,000, which was fixed in September 2014. However, now there are plans to increase this limit from Rs 25,000 to Rs 30,000.
This means that even high-paid employees will get a significant amount of money under PF. According to some reports, this step may be taken to combat rising inflation, changes in salary structure and strengthening social security. If implemented, this change will affect the savings, pension and in-hand salary of lakhs of working people.
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What will be the benefit of increasing the salary limit?
If the PF salary limit is increased to Rs 25,000 or Rs 30,000, then the biggest benefit will be on retirement savings. Currently, PF contribution of employees earning more than Rs 15,000 is calculated on a limited basis.
If the new limit is implemented, a higher basic salary will be added to PF, which will increase the monthly contribution amount. This will have a direct impact on the retirement corpus. This may also increase the pension amount.