Finance Minister Arun Jaitely in Budget 2015-16 had proposed creation of a Senior Citizen Welfare Fund using unclaimed deposits of about Rs 3,000 crore in the PPF (Public Provident Fund) and Rs 6,000 crore in the EPF corpus.
This corpus will be used to subsidise the premiums of vulnerable groups such as old age pensioners, BPL card holders, small and marginal farmers and others.
Unions opposed using retirement fund body EPFO's money for other schemes, the proposal to make it optional for workers to pay PF contribution. They also opposed the proposed freedom to employees to choose between social security schemes run by EFPO and others.
This corpus will be used to subsidise the premiums of vulnerable groups such as old age pensioners, BPL card holders, small and marginal farmers and others.
Unions opposed using retirement fund body EPFO's money for other schemes, the proposal to make it optional for workers to pay PF contribution. They also opposed the proposed freedom to employees to choose between social security schemes run by EFPO and others.