EPFO Wages Hike Update: The salary of crores of employees across the country can increase once again. There are preparations to increase the minimum salary of employees covered under PF. A proposal has been placed before the central government, a decision can be taken on it soon.
EPFO Wages Hike Update: Crores of employees across the country are going to get another good news after the 3 percent increase in dearness allowance. Yes, now the central government is considering increasing the minimum salary under the Employees Provident Fund Organization (EPFO). If a decision is taken to increase the salary, then its purpose will be to strengthen the social security of the employees.
The current minimum salary of employees under EPFO is Rs 15 thousand per month. If the government approves the proposal, then this salary will increase from 15 to 21 thousand rupees, that is, the salary will increase by about 6 thousand rupees, but along with this the government can also reduce the number of employees prescribed for EPFO in a company. The government can give this gift to the employees before the new year.
The last increment was in the year 2014
According to media reports, the Ministry of Labor and Employment is discussing this proposal with the companies. This discussion has been started after the recommendations of the committee formed for the growth and security of the employees. Let us tell you that the demand for salary increase under EPFO is pending for many years. Earlier, the salary was changed in the year 2014.
At that time, the minimum wage was increased from Rs 6500 to Rs 15000. Now if the minimum wage is increased by Rs 6000 to Rs 15000 and made Rs 21000, then the PF amount will increase and the pension will also increase, but micro and small companies are opposing the reduction in the number of employees under EPFO, as this may increase their costs.
How much contribution to EPFO?
According to EPFO rules, both the employee and the company have a share in the PF account. Both deposit 12-12 percent amount in this account. Out of the 12 percent amount of the company, 8.33% is deposited in the Employee Pension Scheme (EPS). The remaining 3.67% is deposited in the PF account.
Pension is made after completion of 10 years of service. This money can be withdrawn at once. Money can also be withdrawn in case of an emergency, but how many times can money be withdrawn in a year? Its limit is fixed.