CURRENT AFFAIRS

Detailed explanation-1: -2021, the EPFO has increased the maximum benefit to Rs. 7 lakh. There is no need for the employees to contribute to EDLI. Their contribution is required only for EPF.

Detailed explanation-2: -What is the maximum bonus applicable under the EDLI scheme? The maximum bonus applicable under the EDLI scheme is Rs. 1.75 lakh.

Detailed explanation-3: -15, 000 or 12% of (Basic Salary + Dearness Allowance, if applicable). The upper limit of EPF contribution every month is 12% of Rs.

Detailed explanation-4: -According to the EPF laws, if an employee’s monthly basic salary exceeds Rs 15, 000, they cannot join EPS even if they are part of the EPF scheme. However, if the wage threshold is hiked to Rs 21, 000, then employees who join the EPF scheme with basic salary exceeding Rs 15, 000 will be eligible to join EPS.

Detailed explanation-5: -For example, if your organization allows it, you can opt for the minimum mandatory PF contribution of Rs. 1, 800 i.e. 12% of Rs. 15, 000. This way you can increase your take-home salary by having your HR department rework other components of your compensation.