Employers Assn discusses EPF scheme

KANPUR: The Merchants Chamber of Uttar Pradesh and the Employers Association of Northern India organised held an interactive session with regional provident fund commissioner on Saturday.
Regional provident fund commissioner Udita Chowdhary explained new schemes and recent amendments in the EPF Act. She said at present if one earns more than Rs 6,500 a month, he/she can opt out of contributing towards EPF.
Establishments employing 20 or more and co-operative societies having 50 or more employees need to deduct EPF compulsorily. She said that the companies need to abide with by rules and regulations of EPF.
Secretary general of Merchants' Chamber Anita Jha said that it is generally believed that Employees' Provident Fund (EPF) is a part of salary to be contributed every month. But, this is not all.
There are several aspects about EPF that many do not know. For instance; there are two elements to EPF. These are EPF and Employees' Pension Scheme (EPS). The employers' need to know many facts like penal action if there is delay in submission of employees' claims beyond five days if he/she is leaving the job.