NEW DELHI: Retirement fund body EPFO on Saturday approved an amnesty scheme, encouraging employers to “voluntarily disclose and rectify past non-compliance or under-compliance without facing penalties”, to extend social security benefits to more employees.
Central Board of Trustees, the decision making body of EPFO, also recommended guidelines for investment in units issued by PSU-sponsored InvITs and REITs, which usually fetch a higher return.
The labour ministry said a simple online declaration from employers would be sufficient to avail the amnesty scheme benefits.
The board also approved an amendment to the EPF Scheme, 1952, under which interest will be paid to members up to the date of settlement. According to existing provisions, for claims settled till the 24th of the month, interest is paid only up to the end of the preceding month.
This change will benefit EPFO members and reduce grievances as till now interest-bearing claims are not processed between the 25th and the end of each month to avoid loss of interest to members.
Post the amendment, claims will be processed during the entire month, leading to reduced pendency, timely settlement and optimised utilisation of resources. tnn
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