EPF, EPS contribution limit may be hiked: Impact on salary explained

Quick Summary:

Improved social security: With higher contributions channelled into the provident fund schemes, employees will enjoy a more secure financial safety net, aligning with the EPF Act's objectives.

This formula applies with the wage ceiling in effect, impacting the final pension based on service tenure and average earnings.

With the raised wage ceiling, employees will face higher salary deductions, reducing their net take-home salary.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Retirement savings impact EPF and EPS explained EPF Act wage ceiling EPF salary impact EPF wage ceiling increase EPF Employee deductions EPF EPS contribution limit 2024 Pension scheme benefits India New EPF contribution limit

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-13 @ 17:44:13 (19 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 503 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23570647

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 258 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #49

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