roll back the decision to reduce the Pf deduction from 12% to 10 %. real bad decision
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Recently saw the news over internet that government has taken decision to reduce the PF (EPF ) contribution from 12% to 10% stating that it is going to benefit private sector employees.
But this is not true,in-fact this is going to benefit only the private sector employers. They are going to save money that 2% which they are now paying towards PF contribution. PF deduction is a indirect saving for the private sector employee. where a person works for years and saves this money and utilises the money for children education, building home, children marriages etc. This is unwanted saving that indirectly benefits the private sector employees in long run. with the new decision to reduce down the PF deduction the saving of a normal, private sector employees will go down. if Government is really concerned about the Private sector employees, than government should increase the Rate of interest that is given annually basis that is only 8% at present. 2% of benefit should be given here. interest rate should be revised to 10%, if the government really wants to benefit the private sector employees. Another 2% can be added to Employer's PF contribution to support the lively-hood of private sector employees. Rather than paying 12% from employer's side , employer's should pay 14% PF contribution/ or may be 15%.
i request government to re-consider and take back the decision of PF deduction new rule and think upon how to really benefit private sector employees. If my inputs can be taken into consideration. thank you.
need your support people if i am not wrong, and i hope i could state my thoughts clear enough with you all.
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