epf cap raised to Rs.25k
New Delhi, Sept. 17 -- The Union Cabinet on Wednesday approved raising the wage ceiling for mandatory coverage under the Employees' Provident Fund Organisation (EPFO) from Rs.15,000 to Rs.25,000 a month, a move that will bring more than 5.1 million additional employees under the statutory social security system, according to a government release.
The revised ceiling will come into force from September 17. The number of workers covered could eventually be much higher. "It can go up to 10 million," a senior labour ministry official said.
The move will cover employees earning between Rs.15,000 and Rs.25,000 a month. Under the existing system, a fresh employee joining a covered establishment at a wage above Rs.15,000 is not automatically brough...
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