EPF Salary Limit Raised With The Central Government’s Plan 2024

EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

EPF Salary Limit Raised With The Central Government’s Plan 2024. Many workers under the Employee Provident Fund Organisation (EPFO) requested the central government to increase the salary limit for employees. At present salary limit is set to 15000 Rs but as per the news, this limit might be raised to 21000 Rs. Thus it is good news for employees


EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

During 2014 EPFO’s Maximum salary limit was revised, and it was increased from 6500 Rs to 15000 Rs. And now through the Employees State Insurance Corporation (ESIC) government plans to set the salary limit to 21,000 Rs.


EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

You may think what’s the use of increasing in salary limit, but with the increase in salary limit, the amount credited to your salary account will also increase.


EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

Currently, every employee will contribute 12% of their salary while the employer contributes another 12%. But with this increase, the contribution from both the employee and employer will increase which leads to higher savings in EPF and EPS accounts.


EPF Salary Limit Raised With The Central Government's Plan
EPF Salary Limit Raised With The Central Government’s Plan

This move from the Central government was initiated after the announcement of the interest rate hike on EPF account balances for the year 2023-2024. Interest rates were hiked from 8.15% to 8.25%. This will surely build bigger Savings for employee’s retirement and ensures a better future ahead.


8 thoughts on “EPF Salary Limit Raised With The Central Government’s Plan 2024”

  1. Good decision
    But contract employee/private employee pension to Marge government employees
    So sweet contract employee retired persons pay 1500-3000 it’s not right.

    Reply

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