Govt plans to offer higher interest for EPFO subsrcibers

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Hike in pension, cost of higher interest pay outs would have an impact of about Rs 2,800 cr on EPS. (AP) Hike in pension, cost of higher interest pay outs would have an impact of about Rs 2,800 cr on EPS. (AP)
SummaryHike in pension, cost of higher interest pay outs would have an impact of about Rs 2,800 cr on EPS.

ministry had earlier suggested increasing the subsidy payout from 0.63 per cent but this was shot down. The current wage limit for mandatory contribution to the EPFO is lower than the minimum wage level in most states.

Retirement plan

* Oscar Fernandes, who has been given additional charge of the labour ministry, is understood to have agreed to call a meeting of Central Board of Trustees in of January to finalise the package

* The govt is also likely to hike the minimum wage ceiling to Rs 15,000 per month and also pay a fixed monthly pension of Rs 1,000 to subsrcibers to the Employees’ Pension Scheme

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