Dear Members,
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, will also decide on amending EPF Scheme 1952 to raise the monthly wage ceiling to Rs 15,000 to cover more workers under its various social security programs like provident fund, pension, and employee deposit-linked insurance.
At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of the Employees' Provident Fund Organization (EPFO).
"The Finance Ministry has approved the Labour Ministry's proposal to provide a minimum pension of Rs 1,000 per month and enhance the wage ceiling to Rs 15,000. Now, the trustees would meet on February 5 to approve the amendment in schemes run by EPFO to operationalize the two decisions," an official source said.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, had earlier approved the proposal, following which the Labour Ministry pursued it with the Finance Ministry.
According to sources, after the nod given by the CBT, headed by the Labour Minister Oscar Fernandes, the two proposals would be put before the Union Cabinet for approval as the government would have to make provision of funds for the purpose.
The source further said that Finance Minister P Chidambaram may also make an announcement on the entitlement of a minimum monthly pension of Rs 1,000 in his interim budget next month.
The entitlement of a minimum monthly pension of Rs 1,000 to workers in the organized sector under the Employees' Pension Scheme 1995 (EPS-95) would benefit 27 lakh pensioners immediately.
At present, there are about 44 lakh pensioners. Of this 27 lakh, including 5 lakh widows, get less than Rs 1,000 a month.
The other proposal for raising the basic wage ceiling under the Employees Provident Fund Scheme to Rs 15,000 from the existing Rs 6,500 per month is expected to bring in 50 lakh more workers under the ambit of schemes run by the EPFO.
The government would have to provide an additional amount of Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting 2014-15. Pensioners are, therefore, expected to benefit from April 1 this year.
The Labour Ministry in its revised proposal has asked the Finance Ministry to provide around Rs 1,217 crore additional amount every year and indicated that this amount can come down over a period of time with more members subscribing to EPS-95.
At present, the government contributes 1.16 percent of the basic wage of workers as a contribution toward the EPS-95. The government had provided around Rs 1,400 crore for the purpose in 2012-13.
The decision to enhance the wage ceiling would also have some financial implications as the government's contribution towards EPS-95 would increase towards EPS-95 as 50 lakh more workers would join the schemes run by EPFO.
Regards,
GAUTAM KAR - 09331148166
bumbahr@sify.com
From India, Kolkata
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68The Central Board of Trustees (CBT), the apex decision-making body of EPFO, will also decide on amending EPF Scheme 1952 to raise the monthly wage ceiling to Rs 15,000 to cover more workers under its various social security programs like provident fund, pension, and employee deposit-linked insurance.
At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of the Employees' Provident Fund Organization (EPFO).
"The Finance Ministry has approved the Labour Ministry's proposal to provide a minimum pension of Rs 1,000 per month and enhance the wage ceiling to Rs 15,000. Now, the trustees would meet on February 5 to approve the amendment in schemes run by EPFO to operationalize the two decisions," an official source said.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, had earlier approved the proposal, following which the Labour Ministry pursued it with the Finance Ministry.
According to sources, after the nod given by the CBT, headed by the Labour Minister Oscar Fernandes, the two proposals would be put before the Union Cabinet for approval as the government would have to make provision of funds for the purpose.
The source further said that Finance Minister P Chidambaram may also make an announcement on the entitlement of a minimum monthly pension of Rs 1,000 in his interim budget next month.
The entitlement of a minimum monthly pension of Rs 1,000 to workers in the organized sector under the Employees' Pension Scheme 1995 (EPS-95) would benefit 27 lakh pensioners immediately.
At present, there are about 44 lakh pensioners. Of this 27 lakh, including 5 lakh widows, get less than Rs 1,000 a month.
The other proposal for raising the basic wage ceiling under the Employees Provident Fund Scheme to Rs 15,000 from the existing Rs 6,500 per month is expected to bring in 50 lakh more workers under the ambit of schemes run by the EPFO.
The government would have to provide an additional amount of Rs 1,217 crore to ensure the minimum pension of Rs 1,000 starting 2014-15. Pensioners are, therefore, expected to benefit from April 1 this year.
The Labour Ministry in its revised proposal has asked the Finance Ministry to provide around Rs 1,217 crore additional amount every year and indicated that this amount can come down over a period of time with more members subscribing to EPS-95.
At present, the government contributes 1.16 percent of the basic wage of workers as a contribution toward the EPS-95. The government had provided around Rs 1,400 crore for the purpose in 2012-13.
The decision to enhance the wage ceiling would also have some financial implications as the government's contribution towards EPS-95 would increase towards EPS-95 as 50 lakh more workers would join the schemes run by EPFO.
Regards,
GAUTAM KAR - 09331148166
bumbahr@sify.com
From India, Kolkata
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RESPECTED SENIORS, Please guide me brief and simple way . Regards, Jr. HR DIGESH
From India, Surat
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From India, Surat
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In brief, these are only announcements or news updates. These will become effective only when the EPF Scheme is amended and the EPS is amended. Notification in this regard will be issued only after these proposals are approved by the Government. Until then, there is nothing for us to do.
From India, Madras
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From India, Madras
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Dear All, Kindly provide the notification copy if approved by the central goverment. Regards, Gayathri.
From India, Vijayawada
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From India, Vijayawada
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Dear Members,
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, will also decide on amending EPF scheme 1952 to raise the monthly wage ceiling to Rs 15,000 to cover more workers under its various social security programs like provident fund, pension, and employee deposit-linked insurance.
At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of the Employees' Provident Fund Organization (EPFO).
"The Finance Ministry has approved the Labour Ministry's proposal to provide a minimum pension of Rs 1,000 per month and enhance the wage ceiling to Rs 15,000. Now, the trustees would meet on February 5 to approve the amendment in schemes run by EPFO to operationalize the two decisions," an official source said.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, had earlier approved the proposal, following which the Labour Ministry pursued it with the Finance Ministry.
According to sources, after the nod given by the CBT, headed by the Labour Minister Oscar Fernandes, the two proposals would be put before the Union Cabinet for approval as the government would have to make provision of funds for the purpose.
The source further said that Finance Minister P Chidambaram may also make an announcement on the entitlement of a minimum monthly pension of Rs 1,000 in his interim budget next month.
The entitlement of a minimum monthly pension of Rs 1,000 to workers in the organized sector under the Employees' Pension Scheme 1995 (EPS-95) would benefit 27 lakh pensioners immediately.
At present, there are about 44 lakh pensioners. Of these 27 lakh, including 5 lakh widows, get less than Rs 1,000 a month.
From India, Bangalore
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The Central Board of Trustees (CBT), the apex decision-making body of EPFO, will also decide on amending EPF scheme 1952 to raise the monthly wage ceiling to Rs 15,000 to cover more workers under its various social security programs like provident fund, pension, and employee deposit-linked insurance.
At present, workers getting basic wages, including basic pay and DA, of up to Rs 6,500 are covered under the ambit of the Employees' Provident Fund Organization (EPFO).
"The Finance Ministry has approved the Labour Ministry's proposal to provide a minimum pension of Rs 1,000 per month and enhance the wage ceiling to Rs 15,000. Now, the trustees would meet on February 5 to approve the amendment in schemes run by EPFO to operationalize the two decisions," an official source said.
The Central Board of Trustees (CBT), the apex decision-making body of EPFO, had earlier approved the proposal, following which the Labour Ministry pursued it with the Finance Ministry.
According to sources, after the nod given by the CBT, headed by the Labour Minister Oscar Fernandes, the two proposals would be put before the Union Cabinet for approval as the government would have to make provision of funds for the purpose.
The source further said that Finance Minister P Chidambaram may also make an announcement on the entitlement of a minimum monthly pension of Rs 1,000 in his interim budget next month.
The entitlement of a minimum monthly pension of Rs 1,000 to workers in the organized sector under the Employees' Pension Scheme 1995 (EPS-95) would benefit 27 lakh pensioners immediately.
At present, there are about 44 lakh pensioners. Of these 27 lakh, including 5 lakh widows, get less than Rs 1,000 a month.
From India, Bangalore
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Dear Mr. Gautam,
Is there any circular from a government authority stating that the ceiling has been revised from 6500 to 15000? If so, kindly provide an update here.
By the way, thank you for sharing such information with all group members.
Parag
From India, Dhule
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Is there any circular from a government authority stating that the ceiling has been revised from 6500 to 15000? If so, kindly provide an update here.
By the way, thank you for sharing such information with all group members.
Parag
From India, Dhule
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EPFO and Mp act framed accordingly as per the real benefit for the beneficiaries
From India, Chennai
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From India, Chennai
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No circular is published. this is under discussion. It will be published soon after final decision.
From India, Mumbai
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From India, Mumbai
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The Ministry of Labour Employees Provident Fund Organisation (EPFO) in its 5 million to shareholders in a timely manner asked to provide sustainable provident fund account number so that they change jobs do not need to transfer the provident fund account.
According to sources, Labor Secretary Gouri Kumar on February 5 Central Board of Trustees (CBT) of the EPFO meeting in terms of direction - direction. CBT top decision-making body of the organization.
The source said, "Central Provident Fund Commissioner KK Jalan Kumar EPFO board's next meeting to provide information about the progress of the case and asked to provide a timetable for completing the work." Date of the next meeting has not been decided yet.
Permanent PF (Provident Fund) account number in areas such as construction will help to provide social security benefits to employees, contractors because these are areas where they stay and work space - times change.
According to the work plan provided by the Ministry of Labour, EPFO system to prepare for a specific employee number, which will be instrumental in giving facilities on the lines of core banking services.
EPFO to give shareholders a permanent PF account number must find a central server, which will connect all the 123 offices.
EPFO shareholders present at the job change is to apply to transfer the PF accounts. They change jobs every time a new PF account number is given.
Regards,
GAUTAM KAR - 09331148166
bumbahr@sify.com
From India, Kolkata
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According to sources, Labor Secretary Gouri Kumar on February 5 Central Board of Trustees (CBT) of the EPFO meeting in terms of direction - direction. CBT top decision-making body of the organization.
The source said, "Central Provident Fund Commissioner KK Jalan Kumar EPFO board's next meeting to provide information about the progress of the case and asked to provide a timetable for completing the work." Date of the next meeting has not been decided yet.
Permanent PF (Provident Fund) account number in areas such as construction will help to provide social security benefits to employees, contractors because these are areas where they stay and work space - times change.
According to the work plan provided by the Ministry of Labour, EPFO system to prepare for a specific employee number, which will be instrumental in giving facilities on the lines of core banking services.
EPFO to give shareholders a permanent PF account number must find a central server, which will connect all the 123 offices.
EPFO shareholders present at the job change is to apply to transfer the PF accounts. They change jobs every time a new PF account number is given.
Regards,
GAUTAM KAR - 09331148166
bumbahr@sify.com
From India, Kolkata
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Wage-ceiling-ep f-6500-15000-ci rcular-circular .pdf
HIKE OF EPF CEILING LIMIT.jpg