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Minimum Monthly Pension and wage ceiling hiked by EPFO

, by indianmilitaryveterans

Indian Military Veterans

Wage ceiling for EPF raised to Rs.15,000
The much-awaited minimum monthly pension of Rs.1,000 and a higher wage ceiling of Rs.15,000 for social security schemes run by retirement fund manager Employees’ Provident Fund Organisation (EPFO) will be implemented from September 1.
The government’s decision to fix pension entitlement of Rs.1,000 under the Employees’ Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present. The move to enhance the minimum wage ceiling for becoming a subscriber of the EPFO to Rs.15,000 a month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
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