Actually, the government wants that everyone can get the benefit of PF (Provident Fund). A plan is being prepared for a new fund. Which can be opened for everyone.
Provident fund i.e. PF is considered to be the most important source of savings for every employed people. This amount, which is deducted from salary, comes in handy in the time of Musbeet. At the same time, interest is good on it, so it is also a support for the retirement of the people. But now not only jobbers but other people will also be able to take advantage of PF. Soon the government can create a separate fund under the Employees’ Provident Fund Organization (EPFO).
This fund will be for those who wish to participate in this scheme on their own free will. Actually, the government wants that everyone can get the benefit of PF. A plan is being prepared for a new fund. Which can be opened for everyone.
That’s why a separate fund is being prepared
Actually till now only 6 crore people registered in EPFO get the benefit of PF. But the government wants that all those people who are investing in the returns like PF should get the benefit of it. In fact, under EPFO, the interest of 8.5 per cent is available. Whereas in other saving schemes, interest rates are close to 7 percent.
Professionals do not get benefit
At present, only employees working in the company get benefit under EPFO. While professionals like doctors, CA, lawyers do not get the benefit of this. Therefore, a scheme for such a new fund is being prepared in which everyone can get benefits just like PF. However, it will be beneficial only if you invest in it.
Amend existing law
According to experts, to implement the new rules, amendments will have to be made in the existing Act. For example, Individuals will subscribe to the new scheme of EPFO, they will get the returns based on the earnings from this new fund. Apart from this, the terms and conditions for withdrawing money may also be different for these people. To implement this rule, the existing Act of the Employees Provident Fund Organization will need to be amended. Because according to the current rules, 24 percent contribution i.e. 12-12 percent contribution is made by the employer and the employee.
