EPFO Latest News: The government has said that its aim is to provide social security benefits to more employees, restore trust with employers and promote formalization of the workforce.
EPFO Big Decision: EPFO, the organization that manages the retirement fund, on Saturday approved an amnesty scheme for employers. Under this, they will be allowed to deposit past provident fund dues without any penalty. Apart from this, amendment to the EPF Scheme 1952 has also been approved under which interest will be paid to the members till the date of settlement.
The Labor Ministry said in a statement that the Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organization (EPFO), headed by Labor Minister Mansukh Mandaviya, recommended the EPFO Amnesty Scheme 2024 to the Central Government.
The scheme has been designed to encourage employers to voluntarily disclose past non-compliance or under-compliance and deposit dues without facing penalty or legal consequences. A simple online declaration from the employers will be sufficient to avail the scheme.
The aim is to provide social security benefits
The statement said that the aim of this scheme is to provide social security benefits to more employees, restore trust with employers and promote formalization of the workforce. This initiative will help in implementing the employment-linked incentive scheme, which was announced in the budget for the financial year 2024-25.
Payment of interest till the date of settlement
Meanwhile, the board also approved an amendment to the EPF Scheme 1952, under which interest will be paid to the members till the date of settlement. As per the existing provisions, for claims settled by the 24th of the month, interest is paid only till the end of the previous month. Due to this amendment, EPFO members will get more financial benefits and complaints will be reduced.
The board also confirmed the extension of EDLI (Employee Deposit Linked Insurance) benefits with retrospective effect from April 28, 2024. Under this scheme, insurance cover in the range of Rs 2.5 lakh to Rs 7 lakh is given to the dependents of the member in case of death.
