New Delhi: Retirement fund body EPFO has proposed to increase the minimum administrative charges for managing EPF and EDLI schemes to Rs 500 and Rs 200 per month from existing rate of Rs 5 and Rs 2, respectively. The Employees’ Provident Fund Organisation (EPFO) has listed the proposal on the agenda of the
meeting of its apex decision making body Central Board of Trustees (CBT) headed by Labour Minister, scheduled on January 13. “CBT may consider and recommend the Government of India for an enhancement in the minimum charges payable towards administrative accounts in the EPF Scheme, 1952 and Employees’ Deposit Linked Insurance Scheme, 1976 from the existing Rs 5 and Rs 2 per month to Rs 500 and Rs 200 per month,” it stated in its proposal. The EPFO has proposed an increase of service charges to Rs 75 and Rs 25 per month respectively for managing EPF and EDLI schemes for non-functional establishments having no contributory members. Making a case for hiking the charges, the body said, “Since 1978, on account of expanding economy, the real value of the rupees has come down substantially. In terms of Consumer Price Index (CPI) alone, the index stands at 5364 as on July, 2013 (Base:1960=100) as against 335 December, 1978. There is a strong argument to increase the minimum charges on the administrative accounts.”The employers are required to pay Rs 1.1 pc of the basic wages as administrative charges. PTI
meeting of its apex decision making body Central Board of Trustees (CBT) headed by Labour Minister, scheduled on January 13. “CBT may consider and recommend the Government of India for an enhancement in the minimum charges payable towards administrative accounts in the EPF Scheme, 1952 and Employees’ Deposit Linked Insurance Scheme, 1976 from the existing Rs 5 and Rs 2 per month to Rs 500 and Rs 200 per month,” it stated in its proposal. The EPFO has proposed an increase of service charges to Rs 75 and Rs 25 per month respectively for managing EPF and EDLI schemes for non-functional establishments having no contributory members. Making a case for hiking the charges, the body said, “Since 1978, on account of expanding economy, the real value of the rupees has come down substantially. In terms of Consumer Price Index (CPI) alone, the index stands at 5364 as on July, 2013 (Base:1960=100) as against 335 December, 1978. There is a strong argument to increase the minimum charges on the administrative accounts.”The employers are required to pay Rs 1.1 pc of the basic wages as administrative charges. PTI
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