Government of IndiaMinistry of Finance Budget 97-98

Budget Speech - PART A

Employees' Provident Fund & Gratuity

  1. The Central Board of Trustees of the Employees' Provident Fund (EPF) has made specific proposals to make the EPF schemes financially more attractive. Government has also looked at the matter from the point of view of augmenting savings. I am happy to announce the following decisions:
  2. In 1995, the Central government enhanced the ceiling on the amount of gratuity payable from Rs.1 lakh to Rs.2.5 lakh for Central government employees. I am now pleased to announce that the benefit will be extended to all employees covered under the Payment of Gratuity Act, 1972, which will be amended for this purpose.

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