Contribution to EPF to made optional:Jaitley
While presenting the union budget for 2015-16 in the Lok Sabha, the minister said changes in the provident fund laws will be made after consultations with stakeholders.
Under the revised system, employees now contributing towards EPF, will be able to contribute towards National Pension Scheme (NPS), he said.
The government also plans to give exemptions to employees from provident fund contribution if their pay is below a particular amount, he said.
Every month, 12 per cent of your basic salary goes into the provident fund account and the employer matches the contribution. Out of the employer's contribution, 8.33 per cent goes into the Employees Pension Scheme, which offers pension from the age of 58.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
