MMB Approves PF Contributions Based on Basic Pay and Dearness Allowance
Mumbai, In a significant move to enhance employee benefits, the Maharashtra Maritime Board (MMB) has approved a proposal to contribute 12% of the basic salary and dearness allowance towards employees’ Provident Fund (PF). The decision was made during the 83rd board meeting held at Mantralaya, chaired by Ports Minister Nitesh Rane.
This revised contribution structure is expected to offer greater financial security and a more substantial pension for MMB employees.
Earlier, contributions were limited to 10% of a capped salary of ₹15,000, offering limited long-term benefits. Under the new provision, both the employee and the board will contribute 12% each—bringing the total PF contribution to 24% of the combined basic salary and DA.
“This revision directly addresses concerns raised about insufficient pension accumulation and ensures employees receive their rightful benefits,” said an official source from the board.
The meeting was attended by MMB CEO Shri P. Pradeep, Administrative Officer Shri Pradeep Badiye, and senior representatives from the Finance, Home, Ports, Navy, and Coast Guard departments.
Key Infrastructure Approvals Also Passed
In addition to the PF reform, the board also approved several major infrastructure-related proposals, including:
- Approval to convert MMB’s stake in Vadhan Port into equity shares
- Tender process clearance for constructing a breakwater and Ro-Ro jetty at Revdanda
- Extension of the Letter of Intent (LoI) for captive passenger terminal projects at Revdanda and Theronda
- Approval of medical reimbursement for the wife of a seafaring employee
- Issuance of a ₹52 crore work order for the construction of a Ro-Ro Jetty at Borivali
These strategic decisions highlight MMB’s ongoing commitment to employee welfare and the development of maritime infrastructure across Maharashtra.