If you are working and have been out of the ambit of the Employees’ Provident Fund Organisation (EPFO), your employer will start taking initiatives to get you into the provident fund body. This is because, in an office memorandum, dated April 12, the ministry of labour and employment has amended the guidelines of the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).
The memo states – “Government of India will pay the full employer’s contribution (EPF and EPS both) w.e.f. 01.04.2018 for a period of three years to the new employees and existing beneficiaries for their remaining period of three years through EPFO. The terminal date of registration of beneficiary through an establishment is 31st March 2019.”
What this means is that for a new employee to gain out of the scheme, the last date to get registered with an establishment covered under EPFO will be March 31, 2019. The memorandum has asked field officers to make this effective immediately.
The Government of India will now contribute the employer’s full admissible contribution for the first three years from the date of registration of the new employee for all sectors. Further, the government will pay the EPF contribution for existing beneficiaries for their remaining period of three years. Employees who have joined on or after 1st April 2016, having a new Universal Account Number (UAN) with salary up to Rs 15,000 per month, are covered under this scheme.
Source: Economic Times