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Budget 2024: Big update for salaried class, this announcement may be made on PF after 10 years..

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If you are also a job holder, then this news is of your use. Yes, after this time's Union Budget, the Provident Fund (PF) deducted from your salary may increase. The news published in CNBC claims that the maximum salary limit for Provident Fund (PF) can be increased. An announcement can be made about this in this time's Union Budget. Finance Minister Nirmala Sitharaman can announce increasing the wage ceiling in the budget.

The wage ceiling will change after 10 years.
Let us tell you that right now the wage ceiling for the Provident Fund is Rs 15,000. Earlier it was changed on 1 September 2014, at that time it was increased from Rs 6500 to Rs 15,000. Recently, a proposal was made to increase it from 15000 to 25000 rupees. If this proposal is accepted, then this will be the first time after 10 years that the wage ceiling will be changed. The Labor Ministry has also prepared a proposal regarding this.

Employees' contributions to the Provident Fund will increase!

With the increase in wage ceiling under the PF Fund, employees' contribution to the Provident Fund will increase and their savings in PF will increase. The government is considering this proposal to increase the scope of social security. The increase in the minimum salary limit will affect employees of both government and private sectors. Employees State Insurance Corporation (ESIC) also has a salary limit of Rs 21,000 from 2017. The Labor Ministry believes that the salary limit under EPF and ESIC should be the same.

Under the Employees Provident Fund Act 1952 (EPFO), a part of the salary is deposited by the employee and apart by the company. In this, 12%-12 percent amount is deposited by the employee and the employer. The entire amount deducted from the employee's salary is deposited in his PF account. 8.33 percent of the company's contribution goes to EPS, and the remaining 3.67 percent is deposited in the PF account.

When and how much did the wage ceiling increase
> From 1 November 1952 to 31 May 1957---300 rupees
> From 1 June 1957 to 30 December 1962---500 rupees
> From 31 December 1962 to 10 December 1976---1000 rupees
> From 11 December 1976 to 31 August 1985---1600 rupees
> From 1 September 1985 to 31 October 1990---2500 rupees
> From 1 November 1990 to 30 September 1994----3500 rupees
> From 1 October 1994 to 31 May 2011----5000 rupees
> From 1 June 2001 to 31 August 2014----6500 rupees
> 1 From September 2014 till now----Rs 15000