This latest development would mean that more salaried employees would have to maintain their provident fund accounts. The minimum monthly pension for EPFO subscribers has also been fixed at Rs 1,000.

The government's decision to fix pension entitlement of Rs 1,000 under the Employees' Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present.

“The government has notified enhancement of wage ceiling to Rs 15,000 per month, fixed minimum monthly pension at Rs 1,000 under EPS-95 and enhanced the maximum sum assured under the Employees' Deposit Linked Insurance (EDLI) Scheme to Rs three lakh," EPFO's Central Provident Fund Commission K K Jalan said.

Jalan said: "Now the maximum sum assured under the EDLI works out to be Rs 3.6 lakh including 20 per cent ad hoc benefit over the prescribed amount under the notification."

Highlights
Monthly wage ceiling for EPFO schemes raised to Rs 15,000 from Rs 6,500
Now more salaried employees would have to maintain PF accounts
Minimum monthly pension for EPFO subscribers fixed at Rs 1,000
This decision will benefit 28 lakh pensioners getting less than this amount
Notification regarding minimum pension, wage ceiling and EDLI would be effected from September 1
Finance Minister in Union Budget had announced any employee who is earning up to Rs 15,000 per month will have to maintain PF account
EPFO has about 5 crore subscribers
Maximum sum assured under EDLI works out to be Rs 3.6 lakh

This means that in case an EPFO subscriber dies, his family will be entitled to maximum sum assured of Rs 3.6 lakh instead of existing Rs 1.56 lakh.
    
Jalan said the notification regarding minimum pension, wage ceiling and EDLI would be effected from September 1. Thus, all pensioners getting less than Rs 1,000 per month would get at least this much pension from October.
    
The decision to provide the entitlement under EPS-95 was taken by the Union Cabinet in its meeting held on February 28. But it could not be implemented earlier because the model code of conduct came into force after the general election dates were announced on March 5.
    
Union Finance Minister Arun Jaitley in his maiden Union Budget had announced that any employee who is earning up to Rs 15,000 per month will have to compulsorily maintain a provident fund account.
    
Earlier on Tuesday, the retirement fund body EPFO's trustees had decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 percent.

The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund.

The decision to retain the interest rate on the provident fund deposits at last year's level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later.

The EPFO had provided 8.75 percent rate of interest on PF deposits for 2013-14, which was higher than 8.5 percent paid for the previous fiscal.

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