Tag: Employee Provident Fund
IWs faced a lot of problems when returning to India, in terms of higher contributions and restrictions on the withdrawal of accumulated balance.
EPF pensioners will be able to avail medical facilities from a network of more than 1,400 dispensaries and 150 hospitals under ESIC.
The Central Board of Trustees (CBT) has turned down the proposal to reduce the mandatory contributions from workers and employers to 10 per cent.
In a bid to increase social security and enhance worker awareness EPFO has taken significant measures to provide more benefits to members and ease the withdrawal process.
Companies which had not earlier enrolled their employees under the EPF scheme can now do so, against payment of a minimal damage fee of Re 1 per year of default.
GOI has proposed to bring EPF at par with NPS, which has a tax rebate on 40 per cent of the corpus while the remaining 60 per cent is taxable.