Interest rate on PF '16-17 to decide in EPFO meeting tomorrow: Dattatreya

Union Minister of State for Labour and Employment (I/c) Bandaru Dattatreya today said the interest rate on Provident Fund for 2016-2017 will be decided at the Employees' Provident Fund Organisation (EPFO)- Central Board of Trustees (CBT) tripartite meeting to be held at Bengaluru tomorrow.
Talking to newsmen here, Mr Dattatreya said a final decision on the interest Rate on PF will be taken in the meeting. Apart from PF interest rate, several other pending issues will also be discussed, he added.

He also said that the Ministry has introduced a new PF amnesty scheme for PF defaulters for both employers and employees. Employers who had failed to deposit their share of contribution to the employee's provident fund were liable for prosecution under section 14 of the Employees' Provident Fund and Misc. Provisions Act. Thousands of cases were pending. If employers who are registering their establishments in PF office afresh between December 20, 2016 and March 2017, all the damages (fines) will be withdrawn against them, Minister said.

The Centre has increased Employee's State Insurance Corporation (ESIC) amount from Rs 2800 to 3500 per Insured Person (IP), Mr Dattatreya said, adding that the additional amount will be able to provide better medical facilities by the state governments.

The Union Minister said that the Ministry also increased the ceiling of ESIC from Rs 15,000 to Rs 21,000.UNI VV CS 1646

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