EPF limit to be increased to 15000/- from 6500/-
EPF limit to be increased to 15000/- from 6500/- Admin charges to be reduced wef ?
The 203rd meeting of the Central Board of Trustees’, Employees' Provident Fund (CBT, EPF) was held on 05.02.2014 under the Chairmanship of Shri Oscar Fernandes, Chairman CBT, EPF and Union Minister of Labour & Employment .In this meeting major decision has been taken regarding EPFO.
The main decision which has been taken that The EPF limit is to be increased to Rs 15000/- from 6500/-. Further Minimum pension of 1000/- Rs has also been approved.
Item No. 3: Amendments to the Employees’ Provident Fund Scheme, 1952 (EPF), Employees’ Pension Scheme, 1995 (EPS) Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI) for implementing increase in wage ceiling to Rs. 15,000/- and Minimum Pension of Rs. 1,000/- - issues and modalities.
CPFC explained the contents of the item and requested the Board to approve the proposal as contained in the agenda. The employers’ representatives suggested that the hike from Rs 6500/- to Rs 15,000/- is too steep and requested that the hike be implemented in phases, Rs10,000/- now and Rs 15,000/- in the second phase. They suggested that Micro, Small and Medium Establishments (MSMEs) will be adversely affected by this steep hike. The employers’ representatives supported the proposal to increase the minimum pension. It was also suggested that with the resultant increase in workload we need to consider increasing the manpower and infrastructure of EPFO for handling the same.