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EPF Act to be amended
Posted on: 09/Feb/2015 2:44:24 PM
The Central Government of India has decided to amend the EPF Act. The government is likely to introduce a bill to amend the EPF & MP Act in the budget session of Parliament with the objective of bringing more workers under the social security benefit among other things.
At present, firms which employ 20 or more employees come under the purview of the Employees` Provident Fund Organisation (EPFO), which implements social security schemes under the legislation.
The bill may propose to reduce this threshold limit from 20 employees to 10. The bill may also propose enabling the Centre to reduce or waive the mandatory PF contributions by employees in certain cases.
As per the proposed changes, the Centre would take a decision in this regard based on financial position of class of industry or other circumstances.
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