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Whether the salary is 15,000; There is no EPF pension

New Delhi
The Central Authorities has determined to dam the best way to hitch the Staff’ Provident Fund (EPF) pension scheme for these incomes greater than Rs 15,000 per thirty days. The Middle carried out this resolution by modifying the EPF group software program. The choice is to exclude tens of hundreds of newly employed personal firms from their share of even the meager pension scheme.

Though the utmost wage thought-about for the contribution to the EPF pension scheme is Rs. 15,000, these incomes greater than this might have joined the scheme. Nevertheless, solely the restrict of Rs. 15,000 / – might be paid. At current, if the wage of the brand new recruits is greater than Rs.

Because of this, they won’t be able to grow to be members of the EPF pension scheme. The present reform relies on the BJP authorities’s coverage towards social safety schemes. That manner, even these with a every day revenue of Rs 500 might be excluded from the EPF pension scheme.

The choice can be creating difficulties for establishments. It would even have an effect on the viability of the pension scheme. EPFO staff additionally say {that a} resolution should be taken on the authorities stage to resolve the problem. The EPFO ​​Belief Board had arrange a gathering subcommittee to recommend options to the issues within the pension scheme. There have been experiences that the brand new pension scheme can be carried out for high-paid staff. The belief board is assembly in Guwahati on Friday. It’s reported that EPFO ​​is planning to take Rs 100 crore from the unclaimed fund and pay greater pension to these above 80 years of age.

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