Latest EPFO ​​News: If you are an EPFO ​​subscriber, this news will surely delight you. To provide relief to employees against inflation, the government has raised the basic salary threshold from ₹15,000 to ₹25,000. This change has been in effect since September 17. Currently, 5.1 million (51 lakh) employees are awaiting the benefits of this update.

These employees will now, for the first time, come under the ambit of PF, pension, and EPFO ​​insurance coverage. If you are expecting to be covered under this new salary limit, be sure to verify your status with your company.

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Who will benefit from the new wage limit?
This change by the EPFO ​​will benefit employees who were previously excluded from mandatory coverage because their combined basic pay and Dearness Allowance (DA) exceeded the former ₹15,000 limit. The government has now revised the terms and conditions, increasing the threshold to ₹25,000. The government has established this salary limit as the primary criterion for eligibility.

PF contributions for those earning up to ₹25,000
Under the government’s new salary limit, employees can now be included in the EPF coverage. However, individual circumstances may vary, depending on whether an employee is already an EPF member and which specific rules apply to them. Employees should contact their company’s HR department to verify their eligibility.

How to enrol in the EPF, EPS, and EDLI?
Employees do not need to submit separate applications for the EPF, EPS, and EDLI schemes; the company will handle the process. Employees should verify their eligibility with their employer and provide the necessary details, including proof of identity, employment records, Aadhaar information, and bank account details. Once registered, ensure that you keep your salary slips for your records. Additionally, employees should verify whether EPF contributions are being made.

How is a PF retirement fund built?
In the case of the Provident Fund (PF), both the employee and the employer make contributions. The interest earned on the accumulated PF balance helps build a retirement fund. If you remain employed for a long period and make regular contributions, the total accumulated amount grows. The new rules are designed to ensure that employees receive maximum benefits.

How is the EPS pension obtained?
To be eligible for the EPS (Employees’ Pension Scheme) pension, employees must complete a specified tenure of service. The employer contributes to this scheme. Eligibility and the final pension amount depend on various factors, including the employee’s service duration. Employees do not become eligible for pension benefits immediately upon joining the scheme. Furthermore, employees are provided with insurance coverage of up to ₹7 lakh. The company extends this cover to ensure the future security of the employee’s family.