Giving a good news, Employees Provident Fund Organization (EPFO ) has extended the date of linking the PF account to June 30. After this, the staff will be able to easily link their base. However, the last date for North-Eastern states is September 30, 2017. Significantly, the EPF had initially fixed the deadline for April 30, 2017. Although the delay in the formation of Aadhaar numbers of many members increased this time limit.
Provident Fund: 5 Latest Developments, 4 Crore Employees Should Know About
Issuing the circular in this regard, the EPFO said that all the field offices are instructed to submit the base number of the new members of the Employees Pension Scheme-1995 to the employer before July 1, 2017. And in the states of the North-East, to completed before October 2017. Let us know that the EPFO made mandatory submission of Aadhaar numbers for all its members in January.
In the meeting of the Central Board of Trustees (CBT) of the Employees Provident Fund Organization (EPFO), the proposal of reducing the contribution of employees. And service creators in PF to 10 per cent rejected. However, the proposal to increase the limit of investment limit to 15% of the share-based exchange traded fund (ETF) approved. At this time, EPFO spends 10 percent in the ETF.
The Trustee Board of Employees Provident Fund Organization (EPFO) can approve the proposal to reduce the compulsory contribution to 10 per cent in its social security schemes on Saturday. Under the existing arrangement, employees and employers contribute (each) 12-12 percent of the basic salary together in the Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) and Employee Deposit Insurance (EDL). Sources said that the EPFO meeting is scheduled to be held on 27th May in Pune. This topic is also on the agenda of the meeting. Under this, there is a proposal to reduce the contribution by employees. And employers to 10 percent of basic salary (including basic salary and dearness allowance).
However, the final decision about this is to be done by the EPFO Central Board of Trustees (CBT). If CBT approves, then EPFO will be able to invest more than Rs 15000 crore in ETFs in 2017-18. EPFO’s investment worth deposits are one lakh crores annually. According to a report, EPFO invested Rs 21,050 crore in market related products till the end of April 2017. CBT can also discuss SBI’s extension of MF and UTIMF for one year.