The Employees' Provident Fund Organisation (EPFO) authorities may increase the 'wage ceiling' or upper limit of basic salary for members. A report published by MoneyControl claims that in the coming days, the EPFO authorities may increase the monthly basic salary ceiling for enrolling members under the Employees' Provident Fund (EPF) and Employees' Pension Scheme (EPS) from ₹15,000 to ₹25,000.
Currently, according to EPFO rules, private sector employees whose basic monthly salary is ₹15,000 or less, then it is mandatorily for them and their employers to contribute to EPF and EPS monthly. If the new rules are implemented, a larger number of employees will be able to come under this social security scheme.
The MoneyControl report claims that the EPFO's Central Board of Trustees has a meeting scheduled towards the end of this year, where this matter may be discussed. Additionally, EPFO authorities may receive a green signal regarding increasing the wage ceiling. A source informed about the matter but unwilling to be named told the news agency that the Ministry of Labour & Employment's internal assessment has revealed that if the wage ceiling of monthly basic pay is increased by ₹10,000, another one crore private sector employees will come under EPFO schemes.
