Provident Fund (PF) should be made Optional for Employees
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The Employees' Provident Fund Organisation (abbreviated to EPFO), is a statutory body formed in 1952 which has far outlived it's utility in the era of Mutual Funds and a highly penetrated banking network.
Today 65+ years later it has little relevance, when we interview employees for white collar jobs they are only concerned about their take home, we dont get good quality manpower unless we agree to give them their take home salary, thus the contribution to PF is seen by both parties as an unnecessary expense.
The problem is even more acute for blue collar workers, if minimum wages is 12000 Rs in a particular stage and industry, employees are very unhappy to compulsorily give upto 1000 Rs or more into a PF account, while they are struggling with daily expenses, they should be allowed to take home more money.
I urge the Honorable Minister to make PF optional for all employees or at the very least, drop the current percentage of salary contribution by 50% or more. I hope all like minded companies and employees who are suffering will join in this petition to make the numbers big enough to get noticed and action taken upon.
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