It would bring some bright lines to one’s life if one were working in a reasonably orchestrated sector-this news can easily do it. Most of the schemes and facilities are coincidently available for government employees only. But now the governments have begun looking towards the comfort and pain within the private employees also. It is shared that the government has planned to make basic salary on EPFO rise from Rs 15,000 up to Rs 21,000.
By this, it will benefit crores of private employees in the Country. Which suggests, they will also be able to cash in on more pension every month. It is at the Finance Ministry for proposal. This is supposed to take action this month as sources stated. Well, let us check against that because no such declarations of any kind have been made. However, if something is to be said about the news reports, it is that such an announcement will be made this month….
Basic salary will be Rs 21,000
Actually government is forever having new schemes made for the benefit of their own employees. But for private employees, there are hardly any incentives because no such a scheme has been initiated for them. Besides, they are not covered by any arrangement for dearness allowance. Companies make increments whenever they want. Numerous times, private employees have had to work under duress despite the prevalent economic state, and hence, they have to accept their below average compensation.
However, the Central Government with Prime Minister Narendra Modi has been speaking good over the raising of basic salaries for private sector out-of many associated employed persons. As far as rumors are concerned, it will soon be the case that the government plans to hike the amount up to the level of 21 thousand rupees. This would mean a fortifying leap in salary with respect to employees if this were ever to come into force. Furthermore, recently, the government has brought one more pleasant development to the employees- a Unified Pension Scheme.
This month really has a bated breath announcement.
So far as different sources of information are concerned, the Ministry of Finance in the country has decided to revise upward the current basic salary structure. Also, it is indicated that the Ministry of Labour meant for salary capping from Rs. 15, 000 to Rs. 21,000. In fact, if the increase in the salary cap is implemented, the greatest beneficiary will be private sector employees.
The available information states that the salary cap for EPS has remained Rs fifteen thousand for the last nine years with effect from 1st September 2014. Therefore, the ministry should be in a position to conclude this issue in time. However, so far it is not clear when the public announcement will be released.
The contribution of the employee provident fund will increase
As for raising the ceiling on salary from the limit Rs. 15,000 to Rs. 21,000 as per the proposal, it has an increase in contribution of pension and also increase in EPF contribution for employees of private sector. If accepted and signed, it will yield superior pension pay, thereby allowing employees to enjoy good post-retirement compensation. Not just this; even with the enhancement of salary threshold limits, this number shall also undergo change.
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