EPFO Update: An important information related to Employees’ Provident Fund Organization (EPFO) is coming out. Soon the salary limit of EPFO can be increased from Rs 15000 to Rs 21000 every month. The proposal to increase the salary limit has been made by a high level committee to the government. This will benefit many organized sector employees and at least 75 lakh employees will be able to join the Employees’ Provident Fund Organization more.
Also, these employees will be able to take advantage of the new schemes of EPFO. According to media reports, if the government gives its acceptance on the report of the committee, then it can be implemented from back date. A large number of people will get benefit from this.
EPFO salary limit was increased in 2014
Earlier in the year 2014, the salary limit of EPFO was increased. Before 2014, this limit was Rs 6,500 which was later increased to Rs 15,000. Even after increasing this limit, many employees got its benefit. Now at present it is being considered to increase its limit from Rs 15,000 to 21,000. According to the report published in Economic Times, an official has told that if the Central Board of Trustees of EPFO implements the proposal of the committee by the government, then in such a situation lakhs of employees will get benefit in this era of inflation.
companies said this
Regarding this proposal, a company said that due to the corona epidemic, companies are already working under a lot of pressure. There has been a lot of pressure on the balance sheet of the company due to the pandemic. In such a situation, the government should implement this proposal at the right time. At the same time, the burden on the government will increase a lot. In the current situation, the government spends about Rs 6,750 every year on the pension scheme i.e. EPFO every year. After implementing the recommendations of the committee, many employees will get its benefit.