Maharashtra Maritime Board Approves 12% PF Contribution For Employees, Clears Key Port Development Projects
The decision was taken during the 83rd board meeting of MMB, chaired by Ports Minister Nitesh Rane. The board had been considering this issue for 22 years, and the approval is seen as a major boost for the employees.
In a significant decision, the Maharashtra Maritime Board (MMB) has approved a proposal to contribute 12% of the basic salary and dearness allowance towards the provident fund for its employees. This move is expected to benefit 149 employees of the board.
The decision was taken during the 83rd board meeting of MMB, chaired by Ports Minister Nitesh Rane. The board had been considering this issue for 22 years, and the approval is seen as a major boost for the employees.
Previously, employees were receiving a provident fund contribution of 10% on a salary cap of ₹15,000. Under the new decision, the contribution will now be 12% of the combined basic salary and dearness allowance, leading to a significant increase in retirement benefits.
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The board also approved several other infrastructure projects, including:
Investment in the Vadhvan port
Tendering process for construction of a breakwater and Ro-Ro jetty at Revdanda
Extension of the Letter of Intent for the captive passenger terminal proposal at Revdanda and Theronada
Approval of a ₹52 crore project for a Ro-Ro jetty at Borivali
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