The government is likely to increase the monthly wage ceiling of mandatory EPF soon. The report suggests that it will be hiked from Rs 15,000 to RS 21,000. The discussion to raise monthly wage ceiling of mandatory Employees’ Provident Fund cover has been going on for a while now.
Earlier, Bhartiya Mazdoor Sangh has also asked the government to make provisions of leave for different class of workers as per the nature of their job.
In January 2020, BMS demanded an increase in the cap on earned leaves to 300 days, from the 240 days proposed in the new rules of labour codes. The labour union had raised the demand during the consultation meeting held by the Union Ministry of Labour and Employment on Tuesday on the draft rules on two labour codes — namely Social Security Code, and Occupational Safety Health and Working Conditions Code (OSH).
Then retirement body - Employees' Provident Fund Organisation (EPFO) had also proposed a wage limit up to Rs 25,000 per month for coverage under social security schemes.
Once it is made reality, the EPF wage ceiling move could inflate the government’s annual Employees Pension Scheme (EPS) outflow by 50% to Rs 3,000 crore, said a report by Financial Express
Source: Zee Business
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