Employees Under the Employees Provident Fund(EPF) to be Provided two Options
The Union Finance Minister Shri Arun Jaitley has announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer’s contribution. He said, with respect to ESI, the employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).
The Finance Minister announced that he intends to bring amending legislation in this regard, after stakeholders’ consultation.
Related to Your Search:
- Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)
- Agreements with Banks for easy deposit & withdrawals of EPF Contributions
- Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2013-2014
- Centre decides to withdraw tax on Provident Fund
- National Mediclaim Plus Policy
- General Provident Fund Interest Rate for 1st April to 30th June 2017 – Finmin Orders
- TDS on approved Provident and Superannuation Funds as per Income-Tax Act
- Measures for moving towards a pensioned society
- Provident Fund Accounts through E-Mails/Sms