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.
The Kerala government has issued an order increasing the social security and welfare pensions from Rs 1,400 to Rs 1,500 from this month.
The manifesto, which stresses on the slogan ‘One vote for development; one vote for social harmony’, also says that welfare pensions would be raised to Rs 1,500 from January 2021.
A higher pension would carry a huge financial burden even if the unclaimed amount in the EPFO is used for this purpose, EPFO officials said.