In a bid to expand social-security cover for workers in the country, the government is likely to double the monthly-wage ceiling for mandatory deductions from their salaries for contribution to the Employees' Provident Fund (EPF).
Plans are also afoot to bring the wage ceiling under Employees' State Insurance Corporation (ESIC) on a par with that of the EPF.
Both these issues were discussed at length in the recently held meeting of the Central Board of Trustees (CBT), which is the apex decision-making body of the Employees Provident Fund Organisation (EPFO) on Saturday.
"The ceilings for both the schemes are likely to be raised to ₹30,000 per month. Positive discussions took place on these issues, with most members and the labour ministry in favour of doubling the wage ceiling. It is likely that a final call in this regard is taken in the next CBT meeting in February," said a member of the CBT.
This story is from the December 02, 2024 edition of Business Standard.
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This story is from the December 02, 2024 edition of Business Standard.
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