Govt mandates retirement fund coverage for employees earning up to ₹25,000/month: Report

The Finance Ministry approved raising the wage ceiling for mandatory retirement fund coverage from ₹15,000/month to ₹25,000/month basic pay, Moneycontrol reported. The ministry had considered a higher cut-off of ₹30,000 before finalising the ₹25,000 ceiling, which is set to increase compliance costs for companies and the government alike. The proposal will now be sent to the Cabinet for approval.