- Wage ceiling for mandatory subscription and contribution for
employees' provident fund, pension fund and insurance increased
from INR 6,500 to INR 15,000 per month.
- A minimum monthly pension of INR 1000 has been prescribed.
- The amendments have taken effect from September 1, 2014.
INTRODUCTION
The Employees' Provident Fund and Miscellaneous Provisions
Act, 1952 ("EPF Act") is India's
most important social security legislation for employees. The scope
and benefits under the schemes framed under the EPF Act have been
enhanced with effect from September 1, 2014.
The Ministry of Labour and Employment has issued
notifications1 amending the Employees' Provident
Fund Scheme, 1952 ("Provident Fund
Scheme"), the Employees' Pension Scheme, 1995
("Pension Scheme") and the
Employees' Deposit-Linked Insurance Scheme, 1976
("Insurance Scheme"). These amendments
are in tune with the Union Budget speech of the Hon'ble Union
Minister of Finance, Mr. Arun Jaitley for the
