The Indian government announced on Sunday that 27 establishments have voluntarily relinquished their exemption status over the past two years, resulting in approximately 30,000 employees and Rs 1688.82 crore being integrated into the Employees' Provident Fund Organisation (EPFO). This move reflects a preference among these establishments to have the EPFO directly manage their employees' Provident Fund (PF), citing enhanced services and a focus on core business activities.The Ministry of Labour and Employment highlighted that the EPFO has undertaken significant reforms over the past year to streamline compliance procedures for exempted establishments under the EPF Act. These reforms include expedited claim settlements, improved returns on investments, rigorous monitoring, and simplified engagement processes for both establishments and members.
Under Section 17 of the EPF Act, establishments seeking to manage their employees' PF funds must apply for exemption. As of March 31, 2023, there were 1,002 such exempted establishments overseeing a combined corpus of Rs 3,52,000 crore belonging to 31,20,323 members.The EPFO's efforts underscore its commitment to enhancing service delivery and ensuring robust management of provident fund contributions across a diverse spectrum of establishments in India.The move by these establishments to surrender their exemption status reflects a broader trend towards centralized management under EPFO's oversight, aiming to optimize financial benefits and operational efficiencies for employees nationwide. (With Inputs From Agencies)-
Go to Pakistan: Kerala pvt school owner tells Aug 15 absentees
-
Power engineers’ body AIPEF vows anti-privatisation fight
-
Vijay Slams Shivakumar Govt Over Deaths Of 3 Tamil Men By Karnataka Forest Department
-
Lock Upp 2s Pamala Serena Shares Glimpse Of Her Caviar And Mini Blinis Treat
-
Fitness Tips: She lost 18 kg in 2 years even though she didn't join the gym, the young woman shared her secret fitness plan
