EPFO is busy preparing an amnesty scheme, which can benefit those companies and firms which have not yet got their EPFO registration done or whose accounts have not been kept active. The blueprint of this scheme is being prepared under the supervision of the Union Ministry of Labor and Employment, due to which its announcement is possible by the end of December.
The amnesty scheme is being considered a part of employment incentive schemes. In the General Budget for the financial year 2024-25, the government had announced the ELI scheme in an effort to connect workers with the organized sector. Under its objective, emphasis has been laid on activating the unclaimed amount lying in dormant accounts of EPFO and providing relief to small employers.
Between 2017 and 2024, relief will be given to those employers who have not done EPFO registration or have not deposited contributions in the fund organization. As per rules, EPFO registration is mandatory for firms with 20 or more employees. Nevertheless, many small companies have failed to register.
Under this scheme, registered employees will be given Rs 15,000, i.e. one month's salary, in three installments. Provision for financial support to EPFO contribution will also be made to increase employment in the manufacturing sector.
Employers will be given a reimbursement of Rs 3,000 every month for employees earning less than Rs 1 lakh, which will continue for two years. The government plans to increase the number of employees registering with EPFO through these incentives. The objective is to encourage companies to activate the EPFO accounts of their employees.
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