If you are a member of EPFO then this news can make you happy. The Employee Provident Fund Organization (EPFO) has sent proposals to the Finance Ministry to increase existing wage sealing under the EPF Act. The closest attached formula to the media told the media that the proposal to increase the weight limit has been re-sent to the Labor Ministry with some modification. This proposal is proposed to increase the wage limit from 15 thousand to 21 thousand rupees. The benefits of this change will be available to nearly 5 million EPFO members.
May be allowed soon
According to sources, the finance ministry is satisfied with the related changes and can approve this soon. Now the proposal will be sent back to the Central Board of Trustees (CBT) once again. The EPFO members will increase the wage limit by 21 thousand rupees. By this, there will be more people in the EPFO Draits.
The impact will be on pensions
The direct effect of raising the weight limit will be on the employees' pensions. This will increase the government's contribution under the Employment Pensions Scheme. Prior to this, the proposal of raising the wage ceiling was made by the finance ministry for some reason in a garbage dump.
If the government passes the proposal of EPFO, then the maximum pension amount will increase. Let me tell you that in September 2014, after a research, it was decided that a maximum contribution of Rs. 1250 in member pension account of 15 thousand rupees can be made. Let us tell you that till now EPFO has about 50 million members.