Financial Daily from THE HINDU group of publications
Monday, Jan 28, 2002
Financial Daily from THE HINDU group of publications Monday, Jan 28, 2002 |
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Opinion
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Letters EPF problems This is in response to the interest rate cut in the Employee Provident Fund Scheme. Now this scheme is neither attractive for the employee nor beneficial to the employer. Both are not satisfied with the working of the entire Provident Fund institution. Employees contribute to the EPF from their hard-earned money, which reduces their carry-home salary without much significant increase in their post-retirement security. Most employees know how difficult it is to get a loan from the Provident fund organisation and transfer the accrued amount from one establishment to another. Withdrawal from provident fund is one of the most cumbersome procedures. Before the Provident Fund grows into another troublesome UTI, the Government should make this scheme optional, and not compulsory for SSIs, small commercial establishments and educational institutions. This will make the institutions more economically viable.
Sushil Mehra, e-mail
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