EPFO 3.0: EPFO is preparing to change some rules related to pension. Under this new change, employees will be able to contribute more for pension. The advantage of this will be that the employee will get more pension after retirement. However, no contribution will be made by the company in this.
EPFO 3.0: The Ministry of Labor and Employment is considering a major change in the Employees Pension Scheme under the Employees Provident Fund Organization (EPFO). Under this, EPFO member employees will be allowed to contribute more for pension.
An official of the ministry said that it is being considered to allow more contribution for pension. The official said that at present there is a return of about 8 percent from EPS and by increasing the contribution, a good pension will be arranged by the time of retirement.
How much is the contribution now?
At present, with a basic salary limit of Rs 15,000, 12-12 percent contribution is made by the employee and the employer in EPFO. 8.33 percent of the employer’s contribution goes to the Employees’ Pension Scheme. The entire 12 percent of the employee goes to the EPF account. There is no plan to increase the contribution limit from the employer’s side, the employee will get a chance to contribute more to EPS.
8505 crores in inactive PF accounts
In the financial year 2023-24, the amount deposited in inactive Employees Provident Fund (EPF) accounts has increased five times to Rs 8,505.23 crore as compared to 2018-19. This information was given in the Lok Sabha a few days ago. In the financial year 2018-19, this amount was Rs 1,638.37 crore. Union Minister of State Shobha Karandlaje said that there is no unclaimed account in the EPF scheme run by EPFO.
About 19 lakh employees joined in September
In September, there was a net joining of 18 lakh 81 thousand employees of the organized sector with EPFO. These figures were recently released by the Ministry of Labor and Employment. According to the figures, this number is 9.33% higher than a year ago. Among the total employees who joined EPFO in September, there were about 9 lakh 47 thousand new members. This number is 6.22% higher than a year ago.
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