New Delhi: Good news for the working people, the government can give an option to the working people to reduce the contribution to the provident fund. So that their take-home salary can increase. According to this proposal of the Labor Ministry, the company's contribution to the provident fund will remain at the current level of 12 percent. These points are included in the Social Security Bill 2019, which was approved by the Cabinet last week.
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The ministry has also decided to uphold the present autonomy of the Employees Provident Fund Organization and the Employees' State Insurance Corporation, while earlier it had proposed to give them a corporate-like look. Through this bill, social security will be provided to 50 crore people in the country. In this bill, it has also been said to create a Social Security Fund, meaning Social Security Fund, under Corporate Social Responsibility.
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It states that all workers, including gig workers, will be given welfare benefits related to pension, medical, sickness, maternity, death, and disability. The Labor Ministry has also withdrawn the previous proposal to give EPFO subscribers the option to shift to the National Pension System. The Labor Ministry has mentioned the high returns and other benefits from EPFO in favor of its decision.