Yesterday finance minister of India Nirmala Sitharaman announced slew of measures for supporting the backbone of economy. Various measures for MSME, NBFC/HFC, Real state sector, and provident fund were announced. Announcement for employee provident fund(EPF) is very much unexpected for employees because government has decided to reduce statutory PF contribution of both employer and employee to 10% from existing 12%.
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What Is Employee’s Provident Fund
Employee’s Provident Fund is a retirement benefit scheme that’s available to all salaried employees. This fund is maintained and managed by Employees provident organisation of India(EPFO) and any other company with over 20 employee is required by law to register with EPFO .
How It Works
It’s a saving platform that gives employees a safe option to save fraction of monthly salary that can be used as living source after retirement.
When any employee start working for any organisation , the employee and employer both contribute 12% of employee’s salary(**now 10% as yesterday announcement for both side) into you PF account. These funds are pooled together from many employees and then invested by a legal trust. This generates an interest(which is decided by govt. of India and the board of trustee). The current annual interest on EPF is 8.5%.
Now the body which maintain EPF mechanism in India is EPFO that is employees provident organisation and is under the administrative control of Ministry of Labour and Employement .
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EPFO was founded on 4 march, 1952 and headquartered in NEW DELHI and its total asset under management is $157.8 billion as of 2018. The organisation is administered by Central Board of Trustee which consist of a Chairman, Vice chairman, 5Central govt. representatives, 15 State govt. Representative, 10 Employee’s Representative, 10 Employer’s Representative with Central P.F commissioner and the member Secretary to the board.