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It is known that Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on Tuesday, July 23. This time the limit of Provident Fund (PF) is Rs. 15,000 to Rs. It seems that there is a possibility to increase it to 25,000. The complete details regarding this are as follows. 
In Union Budget 2024 25. Finance Minister Nirmala Sitharaman has increased the current provident fund limit to Rs. There are reports that it may be increased to 25,000. A decade ago, in September 2014, the PF limit was revised to Rs.15,000.
According to media reports, now the Ministry of Labor and Employment has prepared a proposal to increase it. This time the Finance Minister will present his 7th Budget on July 23. Nirmala Sitharaman will be the first finance minister of the country who has created a record by introducing the budget 7 times in a row.
What is provident fund..? The Provident Fund is a government scheme aimed at providing social security to employees. According to the Employees Provident Fund (EPF) Scheme, 1952, if an individual in any organization has a salary of Rs.15 thousand per month, that employee is given a provident fund (PF).
They have to contribute 12 per cent of their salary including basic pay, dearness allowance, retention allowance etc. Similarly, the employer should also contribute 12 per cent of the salary to the fund.

This means that both the employer and the employee have to contribute 12 per cent of the employee's wages. It includes Basic Salary, DA and Retaining Allowance. The fund is managed by a board of trustees comprising representatives of central and state governments, employers and employees.
Opting for the PF option is voluntary for employees whose salary is above 15,000. However, in the upcoming budget, the current limit will be Rs. 25,000, and recruits may see some changes in the flexibility of managing their finances under the scheme.
Due to this flexibility, those whose salary is more than Rs.15 thousand and less than Rs.25 thousand have to participate in the EPF scheme. It provides them with good financial security.
What are the benefits of the provident fund? Employees enrolled under this scheme can withdraw the accumulated money for various purposes including purchase or construction of a house, medical or educational expenses as well as marriage-related expenses.
Since the pandemic.. many employees have withdrawn money from their PF to meet COVID-19-related expenses. Also, many relaxations have come from the side of the government. Over time, PF depositors also get annual interest on their savings.
This will greatly benefit the employees in the long run. But if there is a PF account, if money is not deposited in it every month, then they are called inactive accounts. That means they should not be employed. They should not use the PF account. Without these two, any business person will not be able to use the PF account. Thus, the amount in inactive accounts till March 2022 is Rs.4962.70 crore, the Center said.