Double good news for EPFO! Government and private employees are set to receive this good news at the start of the new year, benefiting millions of employees. What are the benefits they will receive?
Currently, employees receive a 53% dearness allowance under the 7th Pay Commission. Last month, the central government announced a 3% DA increase for government employees. Good news regarding EPF, benefiting millions of employees. What are the upcoming benefits?
The Employees' Provident Fund (EPFO) and the Employees' State Insurance Corporation (ESIC) ensure financial and health security for employees. However, the monthly salary upper limit in both cases was Rs 21,000.
The Modi government is planning to increase this upper limit. The Central Board of Trustees of both organizations has already met. Sources suggest the upper limit might be increased from Rs 21,000 to Rs 30,000.
The Basic CBT is expected to make a decision in February. Most members of the Ministry of Labour support doubling the upper limit. Currently, over 70 million employees are covered under the EPFO scheme.
12% of their salary goes to EPFO. Increasing the upper limit will allow for greater savings. This will help in receiving a higher return upon retirement.
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