India, Sept. 26 -- The significance of a job lies beyond the monthly wage. For a worker, it is also the foundation on which a secure future is built. As India's economy and workforce evolve, social-security institutions must change with them. The decision to raise the wage ceiling for mandatory coverage under the Employees' Provident Fund Organisation (EPFO) from Rs 15,000 to Rs 25,000 per month is important in this larger context. It brings a wider section of workers into the formal provident fund system and, in doing so, strengthens a key link between employment today and financial security tomorrow.

The earlier ceiling of Rs 15,000 had remained unchanged since 2014. During these years, wages, living costs and the nature of employment ...