Budget 2019: Modi government's big gift! EPFO contribution enhanced from Rs 2.5 lakh to Rs 6 lakh; check details
While presenting Budget 2019 for Naendra Modi government, Finance minister Piyush Goyal said that Employee Provident Fund (EPF) contribution in case of employee's death has been increased from Rs 2.5 lakh to Rs 6 lakh since the government came to power. "In case of the death of a labour during the service, the EPFO contribution has been increased from Rs. 2.5 lakh to Rs. 6 lakh," he said.
The move is gives relief to both government and private sector employees getting the benefits of EPF. "To ensure safty to the family of a salaried person, if he or she dies prematurely, the government of India proposes to increase the EPF limit from Rs 2.5 lakh to Rs 6 lakh" said Piyush Goyal in parliament during his budget 2019 presentation.
Sanjay Agarwal, Partner, TASS Advisors said that due to increase in the threshold limit of Esi scheme, industrial workers drawing a salary of upto Rs 21000 will now be eligible for health care at clinics and hospitals run by ESIC.
Goyal said that in last five years, the minimum wages of labours of all classes have been increased by 42% which is the highest increase so far. He added that the high growth and formalistation of the economy has led to the expansion of employment opportunities as shown in EPFO membership, which has increased by nearly 2 crore in 2 years reflecting formalisation of the economy and job creations.
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