Monday, 28 July 2014

Amendment in PF (In India)

Proposal of Employees' Provident Fund Organisation's (EPFO) to raise the monthly wage ceiling of Employee Provident Fund has been approved by the Finance Minister. The new ceiling limit is set to Rs.15,000/-per month as against the earlier cap of Rs. 6,500/- per month.

Now every employee earning upto Rs. 15,000/- per month will be mandatorily required to contribute towards employee provident fund scheme and the employer will also be obliged to make the matching contribution.


Further, for the convenience of the provident fund subscribers, Employees’ Provident Fund Organisation proposes to launch the ‘uniform account number’ service for contributing members to facilitate portability of provident fund accounts.