Employee Pension Scheme: Big news is coming out for more than 6.5 crore subscribers of Employees’ Provident Fund Organization (EPFO). A big decision can be taken soon regarding the ceiling of your pension fund. According to EPFO sources, the government wants to bring more and more people under PF.
Let us tell you that the pension limit in the Employee Pension Scheme can be increased from Rs 15,000 to Rs 21 thousand. According to the existing rules, pension is available on the basic salary of maximum Rs 15,000 in EPS pension. With this, only Rs 1250 will be deposited in the pension fund every month. If this salary is changed, then this limit will increase to Rs 21,000.
Employee Pension Scheme maximum limit?
When a member contributes to EPF, in addition to his EPF, some money goes to EPS. This is the part that gets credited from the applicant’s account. But the maximum limit for its deposits and pension funds is Rs 15000.
Now this limit can be increased. If a person’s basic salary is Rs 30,000, then 12 percent of his contribution on that salary is deposited in the provident fund. The same part is also deposited from the applicant’s account.
12 per cent of the subscriber’s share will also be deposited on the basic salary of Rs 30,000. But the limit of basic salary in pension fund is Rs 15000. Due to the limit 8.33 per cent of the basic pay i.e. 15000 is deposited only at Rs.
If the amount of pension fund increases up to Rs 1250, then it can increase up to Rs 25,000. That is, Rs 2083 will be deposited in the pension fund.
According to a trustee of EPFO, at present the limit of basic salary is Rs 15,000, which has been proposed to be increased to Rs 21,000. If a decision is taken to increase the amount of pension, the amount will increase significantly. Apart from increasing the pension fund, another advantage is that there is a PF contribution option for those whose salary is above the basic salary limit.
EPFO’s customer base will increase in Employee Pension Scheme?
According to Bhanu Pratap Sharma, retired enforcement officer of Employees’ Provident Fund Organization (EPFO), if this decision is taken then 6.5 crore EPFO subscribers will get its benefit. He said that it may take time to implement this decision.
Members of the Central Board of Trustees (CBT) are in favor of increasing the limit on pension funds. There are two things going on behind this. First- Universal Minimum Wage Formula, which is to be implemented in the whole country, in which the salary can be fixed at about 18 thousand rupees. In such a situation, there is a need to increase the existing salary limit. This will help in bringing more and more people to EPFO and will increase social security.
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