The new procedure that Provident Fund should be recovered even in companies having only 10 employees is to be introduced shortly.
This new procedure will benefit additional 50 Lakh employees.
As per the current rule/procedure, Provident Fund is recovered wherever there are minimum 20 employees.
The central government had already planned to revise this rule that Provident Fund should be recovered in companies having only 10 employees as well.
The ministry of Employees & Labour Welfare is earnestly engaged in implementing this change.
An official from the department of Employees & labour Welfare explained that the current PF rule is that it can be recovered only In companies having 20 or more employees. Presently, this is being reduced to 10.
Suitable amendment will be carried out in the Provident Fund Act.
This amendment doe not require approval from the parliament.
The recommendation for this will be submitted during the first week of February. After relevant corrections are carried out, the new procedure is likely to be implemented during the month of April or May.
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