New Delhi: The Employees’ Provident Fund Organisation (EPFO) is likely to raise the current withdrawal limit to Rs 1 lakh from Rs 50,000 at present, Union minister Mansukh Mandaviya said while discussing the Modi government’s 100 days in office in its 3rd term. Mandaviya cited the fact that subscribers often turned to their EPF account during life events, for which purpose the EPFO has hiked the withdrawal limit to Rs 1 lakh.
Private retirement funds may transition to EPFO
The Centre has also opened the door for private companies whose retirement fund predates the EPFO to transition to the state-run retirement fund manager, The HT reported, citing Mandaviya. He added that there are 17 companies with over 1 lakh staffers whose retirement corpus stood at Rs 1,000 crore. These companies have been allowed to switch to EPFO, he said, adding that the Centre’s PF scheme offers better and more stable returns. Aditya Birla Group is in discussions with the Centre for a potential switch to EPFO, the HT reported, citing an official.
Mandaviya also urged EPFO to ensure timely notification regarding the crediting of PF contributions to the subscribers’ account and ensure transparency.
Centre meets aggregators for gig workers’ welfare
Mandaviya on Thursday met key aggregators to discuss gig and platform workers’ welfare. The two sides discussed steps to develop a comprehensive social security framework. The government also set a target to onboard gig workers and aggregators onto the e-Shram portal within 3 months.
Chaired a productive meeting with aggregators to discuss social security for gig and platform workers. A committee will be formed to address key issues and develop a comprehensive social security framework. We’ve set a target to onboard gig workers and aggregators to the e-Shram… pic.twitter.com/DWWyjBmLJs
— Dr Mansukh Mandaviya (@mansukhmandviya) September 18, 2024
The union labour minister also urged aggregators to list jobs on the NCS portal to ensure better reach.
The Centre is likely to enhance the withdrawal cap for EPFO to Rs 1 lakh from Rs 50,000 to help them afford life events, said Union minister Mansukh Mandaviya. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
