IWs faced a lot of problems when returning to India, in terms of higher contributions and restrictions on the withdrawal of accumulated balance.
Browsing: EPFO
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.
EPFO is all set to embrace technology in a major way, enabling online withdrawal of PF funds and quicker settlement of claims.
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.
The proposal — likely to be approved — allows the subscribers the option of voluntary retention of EDLI membership, at a lesser rate of contribution, for three years following loss of job.
Employees can now withdraw their provident fund money without employers’ permission.