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.
