India's Social Security Schemes For Employees Amended: Wage Ceiling Increased
Wage ceiling for mandatory subscription and contribution for employees’ provident fund, pension fund and insurance increased from INR 6,500 to INR 15,000 per month.
A minimum monthly pension of INR 1000 has been prescribed.
The amendments have taken effect from September 1, 2014.
INTRODUCTION
The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (“EPF Act”) is India’s most important social security legislation for employees. The scope and benefits under the schemes framed under the EPF Act have been […]