July 24, 2023 4:04 PM

Over Rs 4,900 crore lying in inoperative accounts of EPF Scheme as of 31st March: Govt replies in LS

The government today said that over four thousand nine hundred crore rupees were lying in the inoperative accounts of Employees Provident Fund (EPF) Scheme as of 31st March of this year. In a written reply in the Lok Sabha, Minister of State for Labour and Employment Rameswar Teli said that an employee of any covered establishment drawing monthly wages up to 15,000 rupees is statutorily required to join the EPF and to contribute 12 percent of wages. Mr Teli said the employer is also required to ...