All efforts are additionally being made by the Ministry of Labor to ease the lives of workers in the midst of the corona virus disaster. The ministry has ready a plan to supply aid to each workers and corporations. Under this, if an organization delays in depositing its share of provident fund, then the penalty imposed on it will be waived.
This aid will be given to institutions in view of losses attributable to closure of enterprise attributable to Corona. Apart from this, the minimal pension quantity as much as Rs 2,000 is being thought-about. Apart from this, in case of hospitalization of an worker, the appliance for withdrawal of his PF will be authorised instantly.
Apart from this, it will be simpler for the worker to withdraw PF in the occasion of lack of job or closure of the institute. This will help the PF quantity for the staff in the occasion of disaster and it will be simple to dwell. A authorities official mentioned that efforts are being made to unravel the issues of the corona virus of the staff. He mentioned that some bulletins may be made in this context until this week.
According to the present guidelines, if an organization delays filling its share in an worker’s provident fund account, it has to pay a effective each day at an rate of interest of 12% every year. Apart from this, penalties starting from 5 to 25 per cent need to be given at a delay of two to six months. The official mentioned that now aid is being thought-about for corporations in this penalty. Apart from this, the quantity of minimal Employees Pension Scheme is being raised from Rs 1,000 to Rs 2,000. It is presently ready for approval of the cupboard.
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