In the recent past, the Indian social security regime, which includes the Provident Fund (PF) scheme
In the recent past, the Indian social security regime, which includes the Provident Fund
In the recent past, the Indian social security regime, which includes the Provident Fund (PF) scheme and pension scheme has undergone a significant change, thereby impacting both domestic employees and international workers (i.e. expatriates working in India and Indian employees going overseas with which India has signed a Social Security Agreement). A focussed approach towards e-governance has been framed and is being implemented by the concerned authorities leading to administrative convenience for the employers. This can be evidenced by the introduction of a Universal Account Number to link the multiple IDs allotted to an individual, e-passbook to check the account balance, e-challan, etc.
One of the significant changes introduced with effect from 1 September 2014 is an enhanced wage ceiling limit for contribution to PF and pension scheme from INR6,500 to INR15,000 per month. However, this limit is not applicable to international workers and they would continue to contribute to PF and pension schemes irrespective of the wage limit.
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