The Employees’ Provident Fund Organisation (EPFO) is an important organization for most of the public and private sector employees across India. Now, an important announcement by EPFO is expected soon, which can be significant for all employees in Uttar Pradesh.
According to media reports, the EPFO is planning to implement 100 percent Provident Fund (PF) schemes across all the local bodies in Uttar Pradesh. This can be beneficial for all the employees who work in the public and private sectors in Uttar Pradesh.
A meeting is likely to be held on December 22 between the Additional Chief Secretary Labour and EPFO Commissioner of the area to take a decision in this regard. Making a formal policy for the implementation of this decision will also be discussed at the meeting, as per reports.
If this decision is implemented in Uttar Pradesh, then all the employees of the public and private sector will have a percentage of their salary contributed to their PF accounts, which can act as their savings and provide for a retirement plan later in life.
In the first phase of the 100 percent implementation of PF in Uttar Pradesh, over 1 lakh employees will be able to take advantage of the PF scheme. If this decision is taken, the PF scheme is likely to be extended to contract workers, contract employees, municipal corporations, municipalities, Nagar panchayats, and others.
As of now, there are about 22 lakh EPFO account holders in Uttar Pradesh but only 12,000 of these are active accounts. During the meeting on December 22, a decision regarding the pension of employees is also likely to be taken.
PF accounts have become a mandate in a lot of public and private sector companies throughout India. The main reason why companies promote this is to make sure that the future of the employees is secure and that they have ample amount of savings for their retirement.