EPFO: Employees’ Provident Fund Organization (EPFO) is planning for employees and self-doing business people. Through this, EPFO wants to reach such people where they do not have access. More and more people could join the schemes of EPFO. Taking a step in this direction, EPFO is contemplating to increase the limit of money received in the retirement scheme.
Now these employees can take advantage
At present, under the existing rules of EPFO, those employees whose salary is more than Rs 15,000 or companies having more than 20 employees can take advantage of the retirement scheme of EPFO. EPFO is contemplating to change these rules, for this it is in talks with the concerned departments, stakeholders. At present EPFO has more than 55 crore subscribers.
Those who do their work or business will be able to join
EPFO is planning to bring its employees doing employment under this purview. For this, changes will have to be made in the Employees Provident Funds and Miscellaneous Provisions Act, 1952. In this, the limit on the number of employees and salary will have to be removed. When that happens, most people will be able to attend.
EPFO added new people
The Employees’ Provident Fund Organization (EPFO) added 18.36 lakh new members to the net in June 2022. In the same month last year, EPFO had added 12.83 lakh new members. In such a situation, in June 2022, EPFO has added 43% more members than last year. The Labor Ministry gave this information in a notice released on Saturday 20 August. These figures are related to the employees hired on the payroll.
Will get this new cover
According to the data, EPFO added 9.21 percent more new members in June as compared to May 2022. Also, out of 18.36 lakh members added in June, about 10.54 lakh members have come under the social security cover of ‘Employee Provident Fund (EPF) and Miscellaneous Provisions Act, 1952’ for the first time.
