EPFO claim: Provident Fund account holder? Big relief for employees! Govt makes big statement

EPFO claim: Provident Fund account holders would be glad to know that they have been given a big relief – there will be no cut in the Provident Fund contribution. Central government has announced that there will be no cut in the Provident Fund contribution, dismissing all rumors around it. The government has clarified that there was no plan to cut provident fund contribution.

Currently, the contribution towards the Provident fund is by the employee and the employer to the tune of 12 pct of the employee’s salary. The news was that the government would cut PF contribution from 12 pct to 6 pct. There were also reports that the contribution would be brought to 10 pct from 12 pct.

The clarification from government came on a question raised by Bhagwant Khuba, who is a Member of Parliament (MP) from Bidar in Karnataka.

The MP had raised the query before Minister of State (MoS) with Independent Charge in the Ministry of Labour and Employment Santosh Gangwar.

The MP had asked if it was true that the government was planning to cut PF contribution for some professionals.

Khuba also asked if the government was planning to cut the PF contribution of working women and especially-abled professionals?

The Union Minister in a one-sentence written reply had denied any such action.

Provident fund contribution cut news has been doing the rounds for quite some time, creating some confusion among the PF account holders. It was being said that the employees would receive more money in their accounts which could be used by them as per their requirements.

Source:- zeebiz