EPFO Rule: On Saturday, the EPFO, the organization in charge of managing retirement funds, gave the green light to a scheme that allows employers to waive certain payments. Beneath this, individuals can deposit previous provident fund payments without facing any additional charges. In addition, a modification to the EPF Scheme 1952 has been authorized, ensuring that members will receive interest payments up to the settlement date.

The Labour Ministry announced that the EPFO Amnesty Scheme 2024 was proposed to the Central Government by the Central Board of Trustees (CBT), led by Labour Minister Mansukh Mandaviya. The program aims to incentivize employers to self-report previous violations or shortcomings and settle the payments without punishment or legal repercussions.

An easy online statement from the employers is all that is needed to access the scheme. The scheme’s objective is to increase social security benefits for a higher number of workers, rebuild trust among employers, and encourage more workers to join the formal workforce. This project will assist in the execution of the employment-linked incentive program, as outlined in the budget for the fiscal year 2024-25.

At the same time, the board passed a change to the EPF Scheme 1952, where members will receive interest up to the settlement date. According to the current regulations, interest is paid until the end of the previous month for claims settled by the 24th of the month. As a result of this change, EPFO members will receive increased financial advantages and a decrease in complaints will be observed.

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The board also approved the extension of EDLI (Employee Deposit Linked Insurance) benefits with backdated effect from April 28, 2024. Insurance coverage ranging from Rs 2.5 lakh to Rs 7 lakh is provided to the family members of the insured individual in case of death under this program.

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