Check EPFO Good News – 2023 : सरकार बढ़ा सकती है EPFO में सैलरी लिमिट , FREE देखे नया अपडेट

Check EPFO Good News – 2023: Government may increase salary limit for Retirement Savings Scheme of Employees’ Provident Fund Organization! At present this limit is Rs 15,000. It is being considered to increase it to Rs 21,000. Significantly, in companies where the total number of employees is more than 20, the employee and the employer have to contribute their share in the retirement savings scheme of EPFO PF. According to the Economic Times, a committee will also be formed to decide the salary cap.

Check EPFO Good News – 2023

12 percent of the basic salary of the employees goes to the Employees’ Provident Fund Organization! Company / employer also deposits the same amount in their PF account. However, out of 12 per cent of the company, 8.33 per cent goes to Employees Pension Scheme and 3.67 per cent to EPFO and EPF. Explain that contribution to this EPFO ​​(EPFO) is mandatory for employees with a basic salary of less than Rs 15,000! People above this basic salary can join at will!

occasional change

Till now the salary limit has been changed a total of 8 times. When the Employees’ Provident Fund Organization scheme was started in 1952, then this limit was 500 rupees! Then in 1962 it was reduced to Rs 1,000. Similarly, Rs 1600 in 1976, Rs 2500 in 1985, Rs 3500 in 1990, Rs 5000 in 1994, Rs 6500 in 2001 and Rs 15000 in 2010 has been increased to Rs 20100! In the coming time, 75 lakh more employees will compulsorily come! Within its scope! It is important in the scope of EPFO that a total of 6.8 crore employees are registered under EPFO.

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What is Employees Provident Fund Organization

It was established in 1952 and is responsible for providing social security coverage to the organized sector employees. Employees’ Provident Fund Organization provides pension to the employees on retirement. Apart from this, a part of the money accumulated over the years is also given in the unit! EPFO also gives insurance of up to Rs 7 lakh to the dependents of the employee in case of untimely death.

Interest on Contribution : Check EPFO Good News – 2023

Government pays interest on any amount deposited in EPFO. Employees’ Provident Fund Organization is currently earning interest at the rate of 8.1 percent. The amount deposited in PF account increases significantly with interest, so Provident Fund is considered a good source of savings among employed people.

No More ‘Pension Stress’: Check EPFO Good News – 2023

EPFO has taken a new initiative to reduce the difficulties of pensioners. EPFO is giving some new facilities to the retired employees under the Amrit Mahotsav of Independence. EPFO has not only removed the condition of the deadline for submission of life certificate, but now the Employees’ Provident Fund Organization has made a provision to issue ‘Pension Payment Order’ to the employees on the day of retirement!

Employees’ Provident Fund Organization Relief to these private sector employees

Under this scheme of EPS (Employees Pension Scheme), 95 private sector employees get the benefit of pension. EPFO had changed the rules for submission of life certificate for such employees in December 2019. Along with this, EPFO has removed the obligation of submitting life certificate every year in the month of November. And the beneficiaries have been allowed to deposit it anytime throughout the year! With this new initiative of EPFO to work in the private sector! Employees will get great relief. To Karmash Prabhishani Nidhi Sangathan (Employees’ Provident Fund Organization)! You can benefit from this initiative.