Finance Minister Arun Jaitely in Budget 2015-16 had proposed creation of a Senior Citizen Welfare Fund using unclaimed deposits of about Rs 3,000 crore in the PPF (Public Provident Fund) and Rs 6,000 crore in the EPF corpus.
This corpus will be used to subsidise the premiums of vulnerable groups such as old age pensioners, BPL card holders, small and marginal farmers and others.
Unions opposed using retirement fund body EPFO's money for other schemes, the proposal to make it optional for workers to pay PF contribution. They also opposed the proposed freedom to employees to choose between social security schemes run by EFPO and others.
From India, Thana
59This corpus will be used to subsidise the premiums of vulnerable groups such as old age pensioners, BPL card holders, small and marginal farmers and others.
Unions opposed using retirement fund body EPFO's money for other schemes, the proposal to make it optional for workers to pay PF contribution. They also opposed the proposed freedom to employees to choose between social security schemes run by EFPO and others.
From India, Thana
When workers have liberty to contribute to EPF, does Employer still has liberty to contribute to a max. of 1800 i.e. 12% of 15,000.
From India, Nagpur
From India, Nagpur
Yes.Employer still have the freedom to limit their EPF contribution to Rs 1800/-This will not be considered as reduction ofwages.
From India, Thiruvananthapuram
From India, Thiruvananthapuram
There should not be any diversion of Provident Fund. The fund is accumulated because the contributors could not claim due to 1) unable to get it processed 2) death of claimant 3) Rejection of PF authorities due to one reason or other 4) the Owner, Contractor, establishment is not existing. So the fund is lying there. As is being exercised, efforts should be made to identify the claimants/ beneficeries and should not resort to back door method. Though the category referred, deserve the attention, let us identity some other source, but not hard earn money of PF holders. Once allowed, the total fund would be drained with dubious systems.
From India, Nellore
From India, Nellore
PF contributions are equal to Employer and Employee i.e. 12% of the wages. There is no discrimination in this matter.
From India, Mumbai
From India, Mumbai
While the proposal of the Minister is good, it is suggested that the funds may be utilised for the welfare of retired Senior Citizen who were members of PF while working in Public sector Undertakings like Neyveli Lignite Corporation and who have been deprived of the pension benefits. It is unfortunate that Neyveli Lignite Corporation , a Navarathna, Public Enterprise has failed to take care of its employees who struggled hard in the initial stages and contributed to a great extent for the growth of the Organisation from 1953. Many people who joined other organisations area getting pension. But it appears that Neyveli Lignite Corporation has scheated its employees who toiled for the growth of the organisation.
From India, Mumbai
From India, Mumbai
EPFO Should be more employee friendly in matter of claim settlement.Although lot more has been done towards this but still employees need lot of awareness abt epfo working.
From India, Vadodara
From India, Vadodara
The working of EPFO should be made first user-friendly either through technology or manual system.Then only we can talk of creation of Funds for the needy people of our society.EPFO's reputation is on a low ebb,because of its callous bureaucratic procrastinating behaviour.Any Governmental scheme will not work unless the mindset of the people in EPFO organisation changes.Can anybody say as to why a retired employee has to run from one office to another office even when his statutory contributions have been duly deducted at source and timely deposited with the EPFO and the responsibility lies with the organisation to remit the pension to the employee's account?
From India, Bokaro
From India, Bokaro
I have been a PF Member contributing to it from April,1974. I last worked as AGM-HR&Admn. in a Steel Plant near Bengaluru & due to SC ban on Iron Ore, the Factory stopped & Retrenched all employees. Now, on attaining, 58 yrs. I am granted a pension of Rs.2,175/month from Sept.2014. Though PM Modi intervened & helped the low paid people to get Min.Rs.1000 p.m., there is a need to raise the Pension for those who have served long & mainly depending on Pension for their rest of the life. Though PFO have accumulated Crores of rupees of unclaimed, rejected, Pending & Left out cases, the surplus can be considered to hike the present Pension instead it lying idle & not being used in ones life. What is the use of crores lying un-used when low paid people are struggling to lead a life. Many living in Rented houses & unable to bear Medicines cost due to No Medical Insurance & other Welfare facility, the Retired life become meaningless for many & asking for an early death. I REQUEST SENIOR PF AUTHORITIES TO GIVE A THOUGHT ABOUT THE COST OF LIVING & HOW PF SURPLUS CAN BE USED FOR THE WELFARE OF RETIRED EMPLOYEES. IF our Honb'ble PM took the bold step to increase the low Pension to Rs.1,000 pm., the PF authority is given a chance to review their Pension fixing to a fair living amount to provide for some meaningfull expenses atleast. 
, ex-AGM-HR&Admn.
From India, Bangalore
From India, Bangalore
All efforts should be made to find out the owners of unclaimed deposits.
Newspaper ads,TV ads and still if no one comes forward,then laid down procedure for unclaimed deposits should be adopted for disposal of funds.
There is huge amount lying insurance companies,post offices remaining unclaimed.All this can be pooled and used for old age pensions of verified people with really no income, medical treatment or other humane causes-duly checked and audited by CAG.
GOI must act carefully and utilise genuinely unclaimed funds for welfare.
From India, Pune
Newspaper ads,TV ads and still if no one comes forward,then laid down procedure for unclaimed deposits should be adopted for disposal of funds.
There is huge amount lying insurance companies,post offices remaining unclaimed.All this can be pooled and used for old age pensions of verified people with really no income, medical treatment or other humane causes-duly checked and audited by CAG.
GOI must act carefully and utilise genuinely unclaimed funds for welfare.
From India, Pune
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