Mangaluru: Recent changes in Employees’ Provident Fund (EPF) provisions and their implications for employers were discussed at a seminar organised jointly by the Kanara Chamber of Commerce and Industry (KCCI) and the National Institute of Personnel Management (NIPM), Mangaluru chapter, at the KCCI meeting hall on Wednesday.
KCCI president Divakar Pai Kochikar said the revision of the EPF wage ceiling from Rs 15,000 to Rs 25,000 was the first such change in 12 years.
He said the revision was expected to bring more than 51 lakh workers nationally, who were earlier outside the mandatory coverage, under EPF, EPS and EDLI. He urged HR and industry representatives to make use of the Nidhi Aapke Nikat 2.0 monthly outreach programme to keep themselves updated on EPFO provisions.
He said the change would require organisations to revisit their payroll structures and contribution calculations from the date of its implementation. The employer’s pension contribution for employees covered by the revision would also increase, he said. Regional PF commissioner-II, Mangaluru, Sandeep Biswas, who was the chief guest, explained EPF provisions under the Code on Social Security and the changes in wage structure relevant to PF coverage and benefits.