New PF Wage Limit Rs 21,000

The government has proposed to increase exciting PF wage ceiling to Rs.21,000 from Rs. 15,000 per month for its various social security schemes which will add more workers to the provident fund coverage.

According to the new government proposal, all employees earning the salary of up to Rs.21,000 per month will be eligible to receive provident fund coverage. At present, Employees Provident Fund is optional for workers earning more than Rs.15,000 per month since current wage limit fixed at Rs. 15,000.

The Ministry of Labour and Employment’s proposal to increase the PF Wage ceiling has been undecided for a long time. Earlier The earlier proposal to increase the PF wage ceiling to Rs 25,000/- was listed for the EPFO’s trustees’ meet held last 30th March 2017, Thursday. EPFO trustee D L Sachdev said, “The proposal to hike PF wage ceiling to Rs 25,000/- was deferred due to the lack of time and would be taken up at another meeting being planned for later this April 2017,”. The Ministry of Finance, which asked the Ministry of Labour and Employment to evaluate the government’s financial implication of the proposal, has received the inputs recently and given the permission.

Source: Financial Express News Report Dated 02-12-2017

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