EPFO the retirement body fund plans to bring private EPF trusts together. Moreover according to latest news of EPFO there are 500 private PF trusts. And retirement fund is planning to bring all of them together. Plus here EPF accumulations are Rs. 1 crore. On other hand there can be 20 members also.
Take over of 500 small private PF trusts by EPFO
EPF also has one more goal. And it is that such scheme or plan will have better services. Therefore all EPF subscribers will benefit. In addition Labour Ministry is changing EPFO Scheme. Hence you find changes in Employees Provident Fund Scheme 1952. Plus you can know steps to claim EPF using Aadhaar card online download.
Further private PF trusts can continue managing EPF money. However they can only manage employees EPF accounts. There are also other advantages of having all provident fund trusts in one. You can now keep reading. Because you will understand more about this take over of EPF and private trusts.
Things to remember
As you know there will be some changes in EPFO Scheme of 1952. Moreover these changes help people only. Thus it is better that you know about different things about this scheme. Besides you should know about these changes.
Additionally according to these changes. Small trusts do not have to fill EPF returns. But it is only for some time. And authorities said that it is for 180 days from the time Provident Fund Organisation changed rules. While after these 180 days even they will not come under exemption.
Eligibility for running PF trusts
However EPF organisation made some more rules. In this way authorities can control every single thing. Firstly there is eligibility criteria. And this criteria is that PF trusts must have minimum employees. You can also check your EPF balance online.
Rules to run PF trusts
- Minimum employee strength is 500 employees
- In addition EPF accumulations of employees should be Rs. 100 crore
- You should collect this amount for at least five years
- Finally EPF accumulations can never include insurance and pension contribution
Hence only when you are in above said category it is helpful. It is so because only then EPFO will take over your EPF trust. Furthermore there are about 1,550 private PF trusts. And in these trusts there are more than 82 lakh employees.
Additionally private PF trusts manage Rs. 3 lakh crore corpus. Therefore Employees Provident Fund Organisation planned about taking over private Provident Fund trusts. In this way maintaining trusts will be easy.
Best for EPF subscribers
All changes in Employees Provident Fund Organisation Scheme 1952 help EPF members only. Thus there will not be any problem. Earlier there was another announcement. And it was about EPFO says no to private PF trusts investing funds in personal organisation.