 Early Times Report
JAMMU, Sept 18: The Union Cabinet has approved the enhancement of the wage ceiling for mandatory coverage under the Employees' Provident Fund Organisation (EPFO) from Rs 15,000 to Rs 25,000 per month.
At present, a fresh employee joining employment at a wage above Rs.15,000 per month is not automatically covered under the EPF framework and may remain outside mandatory provident fund, pension and associated insurance protection. Raising the ceiling to Rs. 25,000 will bring a substantial segment of employees in the Rs. 15,000- Rs. 25,000 wage band within the statutory social security framework.
EPFO RO Jammu has around 1.60 lakhs contributing members across about 3950 contributing establishments.
Sumeet Singh, Regional Provident Fund Commissioner-I (RPFC-I), Regional Office, Jammu, held a meeting with employers to discuss the implementation of the revised wage ceiling.
Father Shaiju Chacko, Secretary, Diocese of Jammu-Srinagar Education Society, stated that the revised wage ceiling would provide immediate benefits to more than 400 employees of the Education Society in the Union Territory of Jammu and Kashmir. He further highlighted that the measure would have significant long-term benefits for employees, their families, and society at large.
Sumeet Singh, RPFC-I, appreciated the proactive approach of the institution and assured employers across J&K of all possible assistance and handholding to facilitate the smooth and effective implementation of the revised wage ceiling.
The enhancement of the wage ceiling is aimed at widening social security coverage and giving further impetus to formalisation of employment, worker retention and long-term retirement security.
In addition, Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) is being implemented to promote employment generation and formalisation of employment. Part A employee gets benefits up to Rs. 15000/- paid in 2 instalments upon completion of one year and Part B beneficiary gets up to Rs. 3000/- per employee per month for 4 years in manufacturing sector and 2 years in other sectors.
Under PMVBRY, more than 2,450 establishments have registered, while more than 19,500 new joinees under Part A and more than 29,500 re-joinees under Part B have registered under the scheme in the jurisdiction of RO Jammu
These measures further strengthen the social security framework and support the expansion of formal employment towards the vision of Viksit Bharat@2047. |
