look news india
Budget 2024-25 announcements: The NDA government led by Prime Minister Narendra Modi has started preparing to present the budget 2024-25. It is expected that the budget can be presented in Parliament on July 22, although the date has not been decided yet. But people hope that the government can present the budget keeping in mind the middle class and the bureaucratic class.
Salary limit can be Rs. 25 thousand
According to a media report, the Employees Provident Fund Organization (EPFO) can increase the salary limit of employees. The Union Finance Ministry has increased this limit for a decade. After making it Rs. 15000, now it can think about increasing it. It is expected that the government will increase this limit by Rs. 500. It can be made 25 thousand. For which the Ministry of Labor and Employment has prepared a proposal.
Changed in September 2014
Provident Fund (PF) is a savings and retirement fund backed by the Central Government. In which contributions are usually made by the working class and their employers. Its purpose is to provide financial security to the employees during their retirement. Therefore it is the safest and tax-effective retirement benefit for the employees as well. It is worth noting that at present the limit of Provident Fund is Rs. 15 thousand. Which was increased by Rs. 6500 on 1 September 2024.
What is EPF?
1. It is a social security scheme for salaried employees of the Central Government.
2. To participate in this scheme, your salary should be Rs 1000. 15000 per month.
3. If you are employed, then your company contributes a part of your salary to PF.
4. This amount is deposited in the PF fund of the Central Government, which returns it to you with interest in times of need.
5. The company gives you an EPF account number. This account number is also like a bank account for you. In which you can see the amount deposited, and can also withdraw in future.
How is the amount allocated for PF?
The amount for PF is deposited from the salary of the salaried person under the EPFO Act. In which 12 percent of the salary is deposited in the PF account of the employee. This includes the company's contribution of 3.67 percent. While 8.33 percent of the salaried salary is deposited in the pension scheme.
