Govt may lower mandatory staff PF dues

Government is proposing to amend Employees Provident Fund & Miscellaneous Provisions Act to enable the centre to reduce or waive off mandatory provident fund contributions by employees in certain cases. As per the proposed changes, the centre would take a decision in this regard based on financial position of class of industry or other circumstances.

“..if central government is of opinion that having regard to the financial position of any class of establishments or other circumstances of the case, it is necessary to expedient to do so, it may, by notification...reduce or waive off the contribution payable by the employees for such period as may be specified in the notification,” states the proposed amendments to the Act.