New Delhi: The government has firmed up amendments to Employees Provident Fund & Miscellaneous Provisions Act, to enable the centre to reduce or waive-off mandatory PF contributions by employees in certain cases.
As per the proposed changes, the centre would take a decision in this regard based on financial position of class of industry or other circumstances. “The labour ministry has completed consultation on the proposed bill to amend the EPF & MP Act,” a source said.
The source said that besides proposed amendments, labour ministry is firming up its views to add some more changes to the Act before introducing the bill in Parliament. The amendment bill is likely to be introduced in the forthcoming Budget session.
It received several representations from various employers and employees bodies. “If the central government is of the opinion that having regard to the financial position of any class of establishments or other circumstances of the case, it is necessary or expedient to do so, it may, by notification... reduce or waive off the contribution payable by the employees for such period as may be specified in the notification,” states the proposed amendments.
