The Union Budget presented by Shri Arun Jaitley, Minister of Finance, yesterday has a number of proposals relating to welfare of employees.
Following is the text of the speech delivered by the Finance Minister:
“Government is fully committed to the social security and welfare of employees serving in the organized sector. The Government is notifying minimum pension of Rs 1,000 per month to all subscriber members of EP Scheme and has made an initial provision of Rs 250 crore in the current financial year to meet the expenditure. Further, increase in mandatory wage ceiling of subscription to EPS from Rs 6,500 to Rs 15,000 has been made and a provision of Rs 250 crore has been provided in the current budget. For the convenience of the subscribers, EPFO will launch the “Uniform Account Number” Service for contributing members to facilitate portability of Provident Fund accounts.”
Following is the text of the speech delivered by the Finance Minister:
“Government is fully committed to the social security and welfare of employees serving in the organized sector. The Government is notifying minimum pension of Rs 1,000 per month to all subscriber members of EP Scheme and has made an initial provision of Rs 250 crore in the current financial year to meet the expenditure. Further, increase in mandatory wage ceiling of subscription to EPS from Rs 6,500 to Rs 15,000 has been made and a provision of Rs 250 crore has been provided in the current budget. For the convenience of the subscribers, EPFO will launch the “Uniform Account Number” Service for contributing members to facilitate portability of Provident Fund accounts.”
Source : PIB Release, 11.07.2014
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