EPFO To Escalate Salary Limit Of Employees: Says A Media Report
Based on the proposal of a high committee, EPFO (Employees’ Provident Fund Organisation) will raise the salary limit of the employees. The proposed increase to Rs 21,000 per month from the existing Rs 15,000. According to a report, the government may increase the limit on the salary of employees. EPFO members are supporting the increase as the last amendment made in 2014, if the increase will be accepted by the Central Board of Trustees of EPFO, then lakh of employees will get big relief.
Earlier, By an Economic Times report, The EPFO backs raising the retirement age to ease pressure on pension funds as it believes that by 2047, India is expected to become an ageing society as around 140 million people are estimated to be above the age of 60 years.
The EPFO in its vision 2047 document said “Increasing the retirement age, going forward, could be considered in line with the experience of other countries and will be key to the viability of pension systems.” As per a certain media report, this proposal may benefit around 7.5 million workers. Currently, the central government pays about Rs 6,750 crore annually under the Employees’ Pension Scheme. There will be 93 million males and 101 million females in 2031 — up from 67 million males and 71 million females in 2021. Further EPFO added, “That’s why the number of people requiring old age income and health security will go up exponentially”.
