Budget 2015: Bill to amend EPF Act likely in session

New Delhi: 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.

 Budget 2015: Bill to amend EPF Act likely in session

Union Finance Minister Arun Jaitley.

The government is in the process of finalising changes to the Employees Provident Fund & Miscellaneous Provisions Act 1952, said EPFO's Additional Central Provident Fund Commissioner Rajesh Bansal during a seminar here.

The bill could be introduced in the forthcoming budget session, he added.

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.

Bansal said social security requirements of the amended EPF & MP Act would have to be complied with by all stakeholders in toto.

PTI

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Updated Date: Feb 21, 2015 14:10:04 IST