The Employees' Provident Fund Organization (EPFO) is now going to make changes in the rules to secure the future of low-paid employees. EPFO is in the process of removing the cap on the salary and a minimum number of 20 employees to extend the benefit of the pension scheme to those earning less than the prescribed limit of Rs 15,000. EPFO has sent information to all the stakeholders and states for their consideration.
Apart from this, EPFO is also preparing to bring its own business or self-employed people under the purview of the pension scheme. EPFO also wants to make the rules flexible to give convenience and PF benefits to shopkeepers and businessmen.
With the change in the rules, all employees of the formal sector can join it, irrespective of their salary and the number of employees in the company. Under the current rules of EPFO, only those employees whose salary is more than 15,000 are entitled to join the pension scheme.
