EPFO mandatory wage ceiling raised to Rs 25,000 per month, first hike since 2014

The Union Cabinet has approved an increase in the mandatory wage ceiling for Employees' Provident Fund Organisation (EPFO) coverage from Rs 15,000 to Rs 25,000 per month, effective September 17. The move, the first such revision since 2014, is expected to bring an additional 5 to 10 million employees into the social security net. The government's annual expenditure for its pension scheme contribution is estimated to rise to around Rs 11,339 crore.