New Delhi: The EPFO has been instructed by Union minister Mansukh Mandaviya to ramp up its information sharing infrastructure and ensure that subscribers receive timely updates regarding their PF deductions. There have been cases where subscribers were not notified about their PF deductions on time and on leaving the service of a company there was a shortfall in deductions.
Currently, this system is active and available to employees based on their company HR’s choice. However, now Mandaviya has instructed the pension fund body to ensure that these services are available across the board to all salaried professionals enrolled with the Employees’ Provident Fund Organization (EPFO).
EPFO should ramp up digital information system
Union Minister Mandaviya met EPFO officials on Friday and directed them to develop a system to keep subscribers updated about their provident fund (PF) deductions. The Minister for Labor and Employment said this move is aimed at ensuring transparency in EPF deductions and increasing the trust reposed by the employees in their employer.
Engaged in a productive meeting with senior EPFO officials to address critical issues impacting our esteemed EPF members. pic.twitter.com/OF0oSYu8zs
— Dr Mansukh Mandaviya (@mansukhmandviya) August 30, 2024
Is PF a part of your CTC?
According to EPFO rules, up to 12 per cent of your salary comprising your basic pay and house rent allowance (HRA) is deducted from your gross salary by the employer. This is deposited in your EPF account by the employer. The amount after PF deduction is your in-hand salary. The company matches your PF contribution. A portion of the total corpus also goes towards the EPS pension account, according to PF rules.
Union minister Mansukh Mandaviya has directed the EPFO to update subscribers about PF deductions in a timely manner to aid them in tracking their corpus. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
