EPFO UPDATE – Could EPF Wage Ceiling Increase to Rs 21,000?
EPFO UPDATE: The government is taking many significant steps to benefit the people. It runs many schemes which benefit crores of people. At the same time, the government can now decide to increase the wage ceiling limit in the EPF scheme directly from Rs 15,000
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Epfo Update
EPFO UPDATE: The government is taking many significant steps to benefit the people. It runs many schemes which benefit crores of people.
At the same time, the government can now decide to increase the wage ceiling limit in the EPF scheme directly from Rs 15,000 to Rs 21,000.
The central government last increased the wage ceiling limit in 2014, when it increased it from Rs 6500 to Rs 15,000. If the Modi government now decides to raise the wage ceiling limit, then the contributions of the employee and the company to retirement and pension savings will grow.
This will also increase the pension of the employee after retirement. However, the government has not said anything officially about this yet. Such things are going on in media reports.
Pension will increase after retirement
.If some experts are to be believed, then the contribution to EPS will also increase. This will increase the pension received by retired employees. You will be happy to know that 12% of the employee’s basic salary is deposited in EPF. The company also contributes up to 12 per cent to EPF.
Out of this 12 per cent, 8.33 per cent is deposited in the EPS account, and the rest is deposited in the EPF account. 8.33 per cent of Rs 15000 is deposited in the employee’s monthly pension account.
If the wage ceiling limit is increased to Rs 21,000, then 8.33 per cent of this account will be deposited in his EPS account. According to this, Rs 1749 will be deposited in the employee’s EPS account every month. Currently, Rs 1250 is deposited in the EPS account.
Priyanka Singh
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