EPF, EPS Coverage Limit May Rise to ₹25,000
What Happened
The Union Cabinet is expected to consider a proposal to raise the mandatory wage ceiling for Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) coverage from ₹15,000 to ₹25,000 per month. According to reports, the move aims to bring more salaried employees under the social security net and increase retirement savings and pension coverage.
Key Takeaways
If approved, the change would significantly expand the number of workers eligible for mandatory EPF and EPS benefits. Employees earning between ₹15,000 and ₹25,000 a month, who are currently outside mandatory coverage, could become eligible for provident fund and pension benefits, potentially strengthening social security for millions of workers.