The EPFO has announced an amnesty scheme for employers who haven't contributed to employees' EPF accounts. They can pay past dues without penalty. Additionally, interest will be provided to members in EPF accounts until the last date.
EPFO has approved an amnesty scheme for companies that haven't contributed to employees' EPF accounts. They can deposit past dues without penalty. The EPF Scheme 1952 has been amended to provide interest until the last date.
The Ministry of Labour announced that the Central Board of Trustees (CBT), the apex decision-making body of EPFO, has recommended the EPFO amnesty scheme.
The scheme encourages companies to voluntarily disclose past non-compliance and deposit dues without facing penalties or legal consequences.
The scheme aims to provide social security benefits to more employees, restore confidence in companies, and encourage formalization of the workforce.
An amendment to the EPF Scheme 1952 ensures interest payment to EPF members until the last date. This change will benefit EPFO members and reduce complaints.
EPFO confirmed the extension of Employee Deposit Linked Insurance (EDLI) benefits from April 28, 2024. The insurance provides ₹2.5 lakh to ₹7 lakh to dependents in case of employee death.
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