Home / Business and Economy / EPFO Wage Ceiling Soars to ₹25,000!
EPFO Wage Ceiling Soars to ₹25,000!
16 Sep
Summary
- Wage ceiling for EPFO coverage raised to ₹25,000 monthly.
- Over 51 lakh additional employees gain social security.
- Benefits include provident fund, pension, and insurance.
As of Wednesday, the government gave its approval for a substantial increase in the wage ceiling for mandatory Employees' Provident Fund Organisation (EPFO) coverage. The previous limit of ₹15,000 per month has now been elevated to ₹25,000.
This decision is anticipated to bring more than 51 lakh additional employees under the EPFO's purview. Consequently, these workers will gain access to vital social security benefits. These include provident fund savings and pension under the Employees' Pension Scheme (EPS).
The EPFO wage ceiling had seen its last adjustment to ₹15,000 in September 2014. This latest revision accounts for sustained wage growth and the expanding formal employment sector. Employees earning between ₹15,000 and ₹25,000 will now be included in this statutory framework.
