AMENDMENTS TO EXISTING EPF & MP ACT LIKELY TO BE MADE PUBLIC IN 2015-16 BUDGET, SAYS ADDITIONAL CENTRAL PROVIDENT FUND COMMISSIONER

AMENDMENTS TO EXISTING EPF & MP ACT LIKELY TO BE MADE PUBLIC IN 2015-16 BUDGET, SAYS ADDITIONAL CENTRAL PROVIDENT FUND COMMISSIONER

AMENDMENTS TO EXISTING EPF & MP ACT LIKELY TO BE MADE PUBLIC IN 2015-16 BUDGET, SAYS ADDITIONAL CENTRAL PROVIDENT FUND COMMISSIONER

 

No.PR-191
February 5, 2015
New Delhi
 

AMENDMENTS TO EXISTING EPF & MP ACT LIKELY TO BE MADE PUBLIC IN 2015-16 BUDGET, SAYS ADDITIONAL CENTRAL PROVIDENT FUND COMMISSIONER
 

The government is in the process of finalizing the amendments to the existing EPF & MP Act, which could be unveiled by the Finance Minister in his forthcoming budget session, commencing after third week of February 2015, according to Additional Central Provident Fund Commissioner, EPFO Mr. Rajesh Bansal.
 

Addressing a Seminar on Employees’ Provident Fund Organization’s Initiatives-Simplification of EPF & MP Act and the Schemes framed thereunder, organized by PHD Chamber of Commerce and Industry here today, Mr. Bansal made it categorically clearer that social security requirements of the amended EPF & MP Act would have to be complied with by all stakeholders in toto and that the new act would provide for no compromises on it.
 

He said that EPFO would remain committed to the social security of vast number of workers and also make sure that their interests are adequately protected for their post retirement benefits and that the organizations would not be made a tool for investments in the sense high end individuals would not be allowed to let them park their PF contributions to the fund beyond a period of three years for tax incentives and other monetary benefits.
 

“The consultation process for proposed amendments in the EPF & MP Act was almost over between all stakeholders such as CBT and its members including senior functionaries of the labour and other relevant ministries and final recommendations to this effect are being compiled under the stewardship of Union Labour and Employment Minister for consideration of government.   All relevant concerns of industry, workers and casual workers have been proportionately addressed so that the new act is evolved in an equitable proportion”, hinted Mr. Bansal.
 

In his remarks, Past President of PHD Chamber who also heads its IR & HR Committee as also is one of the members of Centre Board of Trustees (CBTs), EPFO Mr. Ravi Wig observed during the Seminar that consensus has already evolved within the government for bringing in place “a single contribution facility for construction workers as it will help the lot of five crore construction workers who can hardly make any contribution.
 

The Single contribution facility comprises that only employer would subscribe the legitimate share for the construction workers for EPF and that the construction workers which is entirely casual in nature would pay virtually nothing to EPF.  The suggested facility according to Mr. Wig should be implemented for the construction workers by the authorities of the EPFO without any delay.
 

Mr. Wig also urged the Ministry of Labour to bring in amnesty scheme for the contractors of the construction sector who voluntary come forward for registration so that their permanent registration is recorded in government account and their legal dues towards their workers are deducted as per the provisions of the law.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)