The Commission also recommended that the the working days of government employees should be reduced to five days a week.
With the upper-age limit being raised, those who had closed their account earlier have also now been permitted to open new accounts.
The two-member Bench expressed the view that it would be better if the matter was heard by a three-member Bench.
The minimum wages would be raised to Rs 700 in all sectors.
For those who do not submit the affidavit, the subsequent arrears would be withheld. The affidavits have to be submitted before June 30.
Only a maximum of five people will be allowed near the treasury cash/teller counters at a time.
Major changes in financial sector have come ahead of meetings between the Indian prime minister and the US president since the time of original reformer PV Narasimha Rao.
The order will be issued this week and will be implemented with retrospective effect from July 1, 2019.
In a meeting with the representatives of employers the other day, the government authorities hinted about increasing the existing upper salary cap for the PF pension from Rs 15,000 to Rs 21,000.
The withdrawal of contributory pension scheme would not only incur unbearable financial liability but also would be impractical, stated the panel after an evaluation.