EPFO Wage Ceiling Hike Aimed at Expanding Social Security Net
· Business · Zee News, Indian Express
Industry leaders have welcomed the proposed revision of the Employees' Provident Fund Organisation wage ceiling, stating it will expand the country's social security net and strengthen retirement protection. FICCI Director General Jyoti Vij noted that the revision was overdue given that the previous ceiling was established in 2014. Wage levels, overall incomes, and employment structures have shifted significantly over the past decade. The exact details of the revised wage ceiling figure have not yet been formally announced by authorities. Business associations expect the change to bring a larger workforce into the formal provident fund system.
Why it matters
A higher wage ceiling brings millions of salaried workers into the formal retirement savings net, increasing mandatory employer and employee contributions.
Read the original report — Zee News
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