EPFO board pitches amnesty plan for PF payment violations
Hindustan TimesIn a key decision, the central board of trustees of the Employees’ Provident Fund Organisation, in its 236th meeting chaired by labour minister Mansukh Mandaviya on Saturday, approved reinvesting 50% of its redemption proceeds from exchange traded funds back into equities. The board also recommended to the Union government a national EPFO amnesty scheme 2024 for all types of employers to voluntarily declare non-compliance and non-payment of provident fund dues with zero penalties and legal proceedings, a member said. The new investment pattern is expected to earn better returns for the state-backed retirement fund manager’s investments, which are used to decide the interest rate for retirement savings of nearly 70 million employees in the formal sector. According to official data, total investments by the retirement fund body into the ETFs crossed ₹2.3 lakh crore by March 2024, which is 9.49% of its total investible corpus.