Dear All,
Trustees of the retirement fund body Employees' Provident Fund Organisation (EPFO) on Wednesday approved a proposal to provide a monthly pension of a minimum of Rs. 1,000, a decision that will immediately benefit about its 28 lakh pensioners.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, also decided to raise the monthly wage ceiling to Rs. 15,000 from Rs. 6,500 by amending the Employees' Provident Fund scheme, 1952, so that more workers can be brought under its various social security programs.
"The board has decided to approve the proposed amendments in the schemes to ensure a minimum monthly pension of Rs. 1,000 under EPS-95 and also increased the wage ceiling to Rs. 15,000 per month," Labour Minister Oscar Fernandes, who chaired the CBT meeting, told reporters here.
At present, workers with basic wages, including basic pay and dearness allowance, of up to Rs. 6,500 are mandatorily covered under the ambit of Employees' Provident Fund Organisation (EPFO).
According to an EPFO official, the Labour Ministry will soon move a proposal before the Union Cabinet for approval of the Rs. 1,000 minimum monthly pension.
"We have also reduced the administrative charges paid by the employers. Their burden would increase with the rise in the wage ceiling," the Minister said.
The board has also decided to reduce administrative charges from 1.10 percent of the basic wage, including basic pay and dearness allowance, to 0.85 percent. Besides, the trustees have also approved a proposed change in the methodology of computing the pensionable salary.
The pensionable salary will be calculated based on the average salary of the last 60 months instead of 12 months as provided in the EPS-95.
Regards,
K. SAIKISHORE
9949423193
From India
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54Trustees of the retirement fund body Employees' Provident Fund Organisation (EPFO) on Wednesday approved a proposal to provide a monthly pension of a minimum of Rs. 1,000, a decision that will immediately benefit about its 28 lakh pensioners.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, also decided to raise the monthly wage ceiling to Rs. 15,000 from Rs. 6,500 by amending the Employees' Provident Fund scheme, 1952, so that more workers can be brought under its various social security programs.
"The board has decided to approve the proposed amendments in the schemes to ensure a minimum monthly pension of Rs. 1,000 under EPS-95 and also increased the wage ceiling to Rs. 15,000 per month," Labour Minister Oscar Fernandes, who chaired the CBT meeting, told reporters here.
At present, workers with basic wages, including basic pay and dearness allowance, of up to Rs. 6,500 are mandatorily covered under the ambit of Employees' Provident Fund Organisation (EPFO).
According to an EPFO official, the Labour Ministry will soon move a proposal before the Union Cabinet for approval of the Rs. 1,000 minimum monthly pension.
"We have also reduced the administrative charges paid by the employers. Their burden would increase with the rise in the wage ceiling," the Minister said.
The board has also decided to reduce administrative charges from 1.10 percent of the basic wage, including basic pay and dearness allowance, to 0.85 percent. Besides, the trustees have also approved a proposed change in the methodology of computing the pensionable salary.
The pensionable salary will be calculated based on the average salary of the last 60 months instead of 12 months as provided in the EPS-95.
Regards,
K. SAIKISHORE
9949423193
From India
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Dear Sir I need a one clarification Please let me know I refer the entire notification but there is no amendment in regarding for reduced administrative charges 0.85 percent from 1.10 percent .
From India, Coimbatore
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From India, Coimbatore
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Does this mean that the minimum wages to be paid for any labor or executive employee will be 15,000 Rs? If so, how will it affect small and medium businesses across the country? Just requesting some clarity.
From India, Delhi
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From India, Delhi
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Dear sir,
I just want to know if there are any changes in the contributions for A/C numbers 2, 21, and 22? As per the information I have, the maximum gain for EDLI may be 3.6. Are there any additional charges that the employer has to contribute for it?
From India, Pune
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I just want to know if there are any changes in the contributions for A/C numbers 2, 21, and 22? As per the information I have, the maximum gain for EDLI may be 3.6. Are there any additional charges that the employer has to contribute for it?
From India, Pune
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DEAR ALL, PROVIDENT FUND CEILING LIMIT FROM 6500 TO 15000, MINIMUM PENSION FIXED AT Rs. 1,000 AND EDLI AMOUNT ALSO REVISED. THIS IS FOR YOUR KIND INFORMATION . Regards M.S. RAWAT
From India, Delhi
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From India, Delhi
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