QUOTE=srivastavacmlal;2013633]Thanks to Mr Kumar S. You have briefly explained the provisions of rust getting an exemption from RPFC (Regional PF Commissioner) and maintain the subscribers account through a EPF Trust. I will add that EPF Trust has to follow the same set of rules for maintaining the accounts, audit, giving statment of subscriptions to subscribers, giving loan to subscribers and settlement of fnal accounts on retirement, death etc. The money of subscribers is invested as per investment pattern specified by the Ministry of Finance.
It is however added that The Govt. is now not encouraging giving exemption because of certain reasons one of which is Employees Pension Scheme. The Govt. intends to secure the payment of pension to the subscribers after their retirement or family pension in death cases. The Govt. has taken a big step towards transparency by putting the EPF information on the website. I would suggest that the Govt. may develop a loan module so that the subscribers can apply online and the loan amount may be directly credited to the subscribers bank account within a period of 30 days.So subscribers please raise your voice for better EPF services.
With good wishes.
srivastavacmlalatgmaildotcom[/QUOTE]
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Dear Sri.Srivastava,
There have been lots of debate going on in the EPFO. In the Trust mode there have been both good and bad. I myself had been the Chairman of a PF Trusts of a big co. employed over 14000 employees for about 7 yrs. When I took over I had to face lots of challenges, clearing all the mug & legacy created by predecessors, face/pursue court cases in order to safe guard the interest of the poor fellow members. The Trust regime faces challenges mostly from the vested interests from the Union/official side, as it is the order of the day in Mera Bharat, corruption is rampant and poor, innocent employees were exploited and well deserved were fleeced. Money laundering, misuse of power the bane here as well. I'm not blaming the concept, but controls and self checks are wanting. Needless to say I got over all the challenges, fought the odds successfully, restored order & repaired the damages done and left with a satisfaction as a triumphant soldier. Just in any other case in India every good thing always fails but seldom succeed, for e.g. cooperative movement (Amul (Anand) is the best example).
Your suggestion of "Online" mode is good except when misused thro' impersonation. As I have faced such instances even in Trust Regime.
Thanks & regards,
kumar.s.