Pension: Now those doing business will also get pension, the government can change the act

Newz Fast, New Delhi: EPFO ​​has figured out a way to solve this problem. Recently the Provident Fund Organization has recommended to make a scheme.

EPFO gives pension only to those employees whose PF is deducted for 10 years. In such a situation, many people do not get the facility of pension.
EPFO has figured out a way to solve this problem. Recently the Provident Fund Organization has recommended to make a scheme.

Under this, those people can also be brought under the purview of pension, who are not getting pension till now. Let us know about this plan.

Government can change the Act
According to the EPFO, the Employees Provident Funds and Miscellaneous Provisions Act, 1952 will have to be amended to bring all the employees and self-employed people in the unorganized sector under the purview of EPFO.

The EPFO ​​has recommended removal of the salary and employee limits so that people in the unorganized sector can also take advantage of the retirement savings scheme.

In this act, if the limit like the number of employees and salary will be removed, then the people doing business will also be able to get the benefit of this new scheme.

Now this is the rule
According to the rules of EPFO, the same company or firm is registered in EPFO. Where at least 20 employees work.
According to reports, EPFO ​​is in talks with all stakeholders for the new scheme and state governments are also being approached for the same. Presently EPFO ​​has more than 5.5 crore subscribers.

Employees fund organization's fund will increase
EPFO gives provident fund, pension and insurance to its account holders through EPF, Employee Pension Scheme and Employee Deposit Linked Insurance Scheme.
If the Act is changed, then the subscribers to the Employees' Provident Fund organization will increase and this will also increase the corpus of the EPFO.