E PFO Members Misses Out Houing Schemes
EPFO members are at loss of securing new houses by the Retirement board as per the reports of the Labour Minister Bandaru Dattatreya at the rajya sabha.
The employees spend the major chunk of their work staying at rented houses and after the retirement the amount received as PF goes mainly for the purchase of new houses. The basic wages of working personnel includes the basic pay and dearance allowances.
Major points to be taken into account are:
- Nearly 12% of the basic wages goes to the PF contribution.
- EPFO funds are invested in state and central securities.
- Recorded papers of Rs. 6 lakh crores per year.
- Incremental deposits of Rs.70,000 crores per year.
- Presently the members under the EPF are charged 12%.
Though there was an initiation towards the policing of the scheme during the beginning of the year at a function, later it had a red signal towards the scheme at the parliament. The Labour minister Oscar Fernandez had also put an insight that the members under the EPFO should also contribute extra 10% for the housing facility from their basic wages. This is both a boon and curse to the workers. The fruits of such scheming can be enjoyed during the course of retirement.
The EPFO’s central Provident Fund Commissioner K K Jalan had stated that there are chances to put in forward at the Rajya sabha for the proposal of benefiting five crore subscriber for housing facility.
During the time of late Sahib Singh Verma as Labour Minister no additional contribution was facilitated but few houses were constructed and few members benefitted from the policy.
There are chances for the scheme of the housing facility in the near-future to be put up as per the reports of Mr. K.K.Jalan. The housing facility with the additional contribution may have win win situation for the workers and the EPFO trustee board as the increase in revenue to the government and the annual funds for the securities will increase. To enhance further the workers under the scheme can or not be benefitted in the future.
Article Source: The Hindu Business Line
EPFO, EPFO funds, EPFO members, Labour Minister Bandaru Dattatreya, Oscar Fernandez, Provident Fund Commissioner
