From 1st sept 2014 salaried people earning up to ₹15,000 a month will have to compulsorily maintain an employee provident fund account, with the Government . Earlier the salary limit was ₹6,500 a month.
The minimum pension has also been hiked to ₹1,000/month, which was a longstanding demand of workers’ representatives in the Employees Provident Fund Organisation (EPFO).
The move to hike the wage ceiling, as per EPFO estimates, will draw in about five million new PF subscribers.
The hike in pension is expected to benefit 2.8 million pensioners, including 500,000 widows, some of whom have been getting a measly amount of ₹150-200 a month.
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