SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 08 Aug, 2017  

PHD.9.Thmb.jpg Relief to SMEs: Govt exempts employer from PF contribution for 3 yrs

epfo.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 08 Aug, 2017
In order to promote employment in country, Employees' Provident Fund Organization (EPFO) has announced that the Centre will bear the entire burden of 8.33 percent employer's PF contribution for first three years to all employees that undertook employment, beginning 1st April 2016 with their respective employers with monthly wages not exceeding Rs.15,000.

A disclosure to this effect was made by Central Provident Fund Commissioner, Dr. V P Joy at a Seminar on Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) and Housing for All Employees under the Employees Provident Fund Scheme organized by the PHD Chamber of Commerce and Industry on Friday, emphasising that this facility is being extended to employers for maximising employment across all sectors of Indian economy.

According to Dr. Joy, employees would have to form a sort of a society with minimum strength of ten personnel and accordingly inform the EPFO that they are opting for a housing scheme and the EPFO would accordingly settle their monthly EMIs from their PF accounts to the respective society.

He, however, clarified that the employees contribution to their Provident Fund each month would stay put at a ceiling of 12 percent as currently in vogue according to the rules book.

The basic objective of this scheme is to make sure that humble employees with bear monthly minimum wages not exceeding Rs.15,000 is able to possess a dwelling unit at a location of his choice and irrespective of any particular size, he said.

The Seminar was presided over by the President, PHD Chamber, Gopal Jiwarajka who welcomed announcement of the scheme saying that it would best serve the intended objectives of the government. More over, it would reduce the debt burden of small and medium enterprises (SMEs).

Chairman, IR & HR Committee, PHD Chamber, Ravi Wig who moderated the Seminar asked the government to make land free for such housing schemes as aim at sheltering the poorest of the poor.

Among others who spoke on the occasion comprised Regional Provident Fund Commissioner, J P Chauhan; Vek Khurana, Global Civil Projects Pvt. Ltd. and R K Joshi, Head, IR & HR Committee of the Chamber.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

Gratuty
Salma Sultana | Tue Aug 15 14:09:59 2017
is ellegible govt Cotractual staff gratuty?


 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter