Members of the EPFO Central Board of Trustees (CBT) have proposed to the Ministry of Labor to reduce the contribution of 4.5 crore PF members and increase the pension limit. CBT members have started putting pressure on the workers by mentioning their interests. The members demanded that it be included in the agenda of the next board meeting of the Ministry of Labor.
Read more: EPFO Warning: PF account will be empty due to this gap
The board members made it clear in the proposal that the coverage of employees in the ministry’s ESIC project has been raised to Rs 21,000. Similarly, the limit for contribution of PF members should be increased from Rs 15,000 to Rs 25,000. Currently, the maximum amount of PF contribution has been reduced to Rs 1500 to Rs 1800 per month. The employer collects the same amount, but this amount decreases with time. So the discount limit should be 25 thousand. 25 thousand rupees salary or basic discount. The employer also has to submit his contribution in this amount.
In the sudden death of an EPF member, the nominee will claim that the government is changing the rules
Employees ’PF accounts will be stronger due to increased contributions
EPFO CBT member Harbhajan Singh told Hindustan that the members had submitted the proposal to the Union Labor Minister along with the Minister. Increasing the contribution will strengthen the PF account of the employees and also contribute huge amount to the EPFO fund. Upon retirement, the employee will also receive a respectable amount of life honors from the PF discount.
The minimum pension is now one thousand rupees
Harbhajan Singh says the minimum pension is currently one thousand rupees. Insufficient according to current time and situation. The members have proposed to increase it to seven and a half thousand. The EPFO can use funds in inactive accounts to increase pensions. Money not claimed has never been cleared. The unclaimed amount in 2014 was Rs 40,000 crore and in the last financial year it was mentioned as Rs 227,000 crore. These issues will also come up in the board meeting.