Govt proposes to make following amendments in PF Act:
1. Definition of 'wages' to be changed in conformity with Code on Wages 2019. Allowances above 50% or notified percentage of all remuneration to be included in wages.
2. For employees below certain threshold contribution to be optional.
3. Provide time limit of 5 years for enquiry u/s 7A.
4. Sec.11 - references to repealed Acts to be omitted.
5. Enhancement of quantum of fines by 10 times.
6. Provision for compounding of certain offences.
7. EPF subscribers will have option to subscribe to National Pension System.
8. Pre-conditions by way of guidelines for grant of exemption to be provided.
Comments on the draft amendments may be submitted by 22.9.2019.
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