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News On Epf Applicability - Provident Fund

kumaracme Started The Discussion:

Dear All

Greetings.

The following are the NEWS ON PF which is useful for our members.
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Industries with 10 employees under PF purview now

Special Correspondent

NEW DELHI: The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) on Saturday approved the reduction of threshold limit for establishments covered under the Employees Provident Fund and Miscellaneous Provisions Act (EPF & MP Act), 1952.
With this, establishments employing even 10 people will be covered under the Act and would have to contribute towards Employees Provident Fund accounts as against the existing 20, barring cooperative institutions functioning without power, where the limit has been reduced from 50 to 20 employees.
This decision was approved at the first meeting of the newly constituted EPF Board. This is the first time in 48 years that the threshold limit has been changed.
However, the Board meeting, chaired by Minister of State for Labour and Employment (independent charge) Oscar Fernandes, deferred a decision on fixing the rate of interest for the EPF for the current financial year.
The second Labour Commission and the Standing Committee on Labour had also recommended reducing the threshold limit in order to reduce the gap between coverage under EPF & MP Act, 1952 and the total workforce of the country. The social security benefits provided under the Employees State Insurance Corporation (ESIC) Act are already applicable to establishments with 10 or more employees. Therefore, this approval would bring parity with the ESI Act with regard to coverage and would help in unifying the social security efforts of the government. It will also help in channelling the registration of establishments and members of both the ESIC and the EPFO.

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Send your comments for the above

with best regards

D.Kumar
Manager - HR
Chennai

rajanassociates - Contributing Member
Dear Kumar

Has it been Gazetted to become Law.Pls provide inputs.

With Regards
V.Sounder Rajan
VS Rajan Associates,
Advocates & Notaries,
No.27, Ist Floor, Singapore Plaza,
No.164, Linghi Chetty Street,
Chennai - 600 001.
E-mail : ,
Off : 044-42620864, 044-65874684,
Mobile : 98401 42164.



anil kaushik - Contributing Member
Hi,It has not not been notified so far. It is only a decision taken in the board of trustees of EPF. Unless the notification ie published and the act is amended , it has no legal force.regdsanil kaushik

kumaracme - Contributing Member
Dear Rajan and ANIL Greetings. This is only the news from EPF Authority. This is yet to be Gazetted. Sorry for any inconvenience with regards D.Kumar HR Manager Chennai

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