New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved raising the wage ceiling for mandatory coverage under the Employees’ Provident Fund Organisation (EPFO) from Rs 15,000 to Rs 25,000 per month.
The move is expected to bring over 51 lakh additional employees under mandatory EPFO coverage, expanding access to provident fund, pension and insurance benefits.
The wage ceiling was last revised to Rs 15,000 in September 2014. The latest increase is aimed at aligning EPFO coverage with rising wages and the growth of formal employment.
