This marks the first revision since September 2014, aligning statutory thresholds with sustained income and wage growth across India.
- The projected five-year government expenditure for this policy is approximately Rs. 56,696 crore.
Significance of the Move
- Increased Coverage: The enhancement will bring over 51 lakh additional workers into mandatory social security, specifically covering employees in the Rs. 15,000 to Rs. 25,000 monthly wage bracket.
- Increased access: Beneficiaries will automatically gain access to provident fund savings, pension benefits (EPS), and deposit-linked insurance (EDLI).
- Promotes Formalisation: The measure promotes formalisation of employment, improved worker retention, and long-term retirement security aligned with the Viksit Bharat@2047 agenda.
About EPFO (HQ: New Delhi)
- Genesis: Statutory body under Employees' Provident Funds & Miscellaneous Provisions Act of 1952
- Nodal Ministry: Ministry of Labour & Employment.
- Mission: To extend the Reach & Quality of Publicly Managed Old-Age Income Security Programs.
- EPFO administers the following 3 schemes
- Employees’ Provident Fund (EPF) Scheme 1952,
- Employees’ Pension Scheme (EPS) 1995 and
- Employees’ Deposit Linked Insurance (EDLI) Scheme 1976.
