You are here: Home » PF » News » Savings Schemes

EPFO to rank pvt PF trusts on performance

Exempted establishments can create their own provident fund trust and administer it based on specified rules after obtaining clearances from the statutory authorities

The Employees’ Provident Fund Organisation (EPFO) is looking to rank exempted trusts to make the public aware about their performance.

Exempted establishments, regulated by the EPFO, can create their own provident fund trusts and administer them based on specified rules.

“We are monitoring the performance of the exempted trusts and now we are going to rank them. These companies are supposed to credit the trust with the amount every month before the 15th. They have to invest according to the set guidelines and earn the return. They have to properly file return with us every month and honour claims on time. We will evaluate the performance of the establishments on all these parameters, rank them and put it on our website,” said Central Provident Fund Commissioner V P Joy.

The government had permitted employers, mainly big entities, to establish and manage their own private PF schemes, subject to certain conditions prescribed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

Private EPF trusts are required to seek approval under the Income Tax Act, 1961 for employees to get tax benefits. There are around 3,000 private PF trusts, with an estimated corpus of Rs 1 lakh crore and a membership of five million employees.

Among the private firms that have their own PF trusts are Tata Consultancy Services and Accenture.



REACHING OUT
  • Exempted establishments, regulated by the EPFO, can create their own provident fund trusts
     
  • They can administer them based on specified rules
     
  • There are around 3,000 private PF trusts
     
  • These have an estimated corpus of Rs 1 lakh crore
     
  • 5 million employees are members of these trusts

image
Business Standard
177 22
Business Standard

EPFO to rank pvt PF trusts on performance

Exempted establishments can create their own provident fund trust and administer it based on specified rules after obtaining clearances from the statutory authorities

Arindam Majumder  |  New Delhi 

EPFO

The Employees’ Provident Fund Organisation (EPFO) is looking to rank exempted trusts to make the public aware about their performance.

Exempted establishments, regulated by the EPFO, can create their own provident fund trusts and administer them based on specified rules.

“We are monitoring the performance of the exempted trusts and now we are going to rank them. These companies are supposed to credit the trust with the amount every month before the 15th. They have to invest according to the set guidelines and earn the return. They have to properly file return with us every month and honour claims on time. We will evaluate the performance of the establishments on all these parameters, rank them and put it on our website,” said Central Provident Fund Commissioner V P Joy.

The government had permitted employers, mainly big entities, to establish and manage their own private PF schemes, subject to certain conditions prescribed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

Private EPF trusts are required to seek approval under the Income Tax Act, 1961 for employees to get tax benefits. There are around 3,000 private PF trusts, with an estimated corpus of Rs 1 lakh crore and a membership of five million employees.

Among the private firms that have their own PF trusts are Tata Consultancy Services and Accenture.



REACHING OUT
  • Exempted establishments, regulated by the EPFO, can create their own provident fund trusts
     
  • They can administer them based on specified rules
     
  • There are around 3,000 private PF trusts
     
  • These have an estimated corpus of Rs 1 lakh crore
     
  • 5 million employees are members of these trusts

RECOMMENDED FOR YOU

EPFO to rank pvt PF trusts on performance

Exempted establishments can create their own provident fund trust and administer it based on specified rules after obtaining clearances from the statutory authorities

Exempted establishments can create their own provident fund trust and administer it based on specified rules after obtaining clearances from the statutory authorities The Employees’ Provident Fund Organisation (EPFO) is looking to rank exempted trusts to make the public aware about their performance.

Exempted establishments, regulated by the EPFO, can create their own provident fund trusts and administer them based on specified rules.

“We are monitoring the performance of the exempted trusts and now we are going to rank them. These companies are supposed to credit the trust with the amount every month before the 15th. They have to invest according to the set guidelines and earn the return. They have to properly file return with us every month and honour claims on time. We will evaluate the performance of the establishments on all these parameters, rank them and put it on our website,” said Central Provident Fund Commissioner V P Joy.

The government had permitted employers, mainly big entities, to establish and manage their own private PF schemes, subject to certain conditions prescribed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

Private EPF trusts are required to seek approval under the Income Tax Act, 1961 for employees to get tax benefits. There are around 3,000 private PF trusts, with an estimated corpus of Rs 1 lakh crore and a membership of five million employees.

Among the private firms that have their own PF trusts are Tata Consultancy Services and Accenture.


REACHING OUT
  • Exempted establishments, regulated by the EPFO, can create their own provident fund trusts
     
  • They can administer them based on specified rules
     
  • There are around 3,000 private PF trusts
     
  • These have an estimated corpus of Rs 1 lakh crore
     
  • 5 million employees are members of these trusts
image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard