The contribution to EPF are subscribed by the employees due to constitutional enactment. There is no option left to employees whether in private or the Govt. to subscribe to EPF or not. One has to compulsory subscribe to the EPF scheme.
EPF scheme was introduced with certain terms and conditions, the prominent being the contribution, interest out of deposits would be tax free at the time of withdrawal. Changing the terms and conditions now during the current membership is unconstitutional and being looked at as an unethical business.
When the scheme is a compulsory one, how a Govt wish now compel you to invest the proceeds in certain annuity schemes through discouragement. Basically it is my money and I should be the deciding person to invest further in the plans or buy property or spend money on other events.
It is giving a signal that Govt. in Parliament is working as "Marketing Managers" of the companies and arranging for their consumers base by constitutional abuse. Let those Insurance Companies come up on their own merits. Even if the Govt. wish to continue with their agenda, the existing subscribers as on 31st March 2016 remain untouched from any change leading it towards worst. The scheme should be modified only for the new subscribers and that too only if the Govt. come out with making EPF as an optional and let the people subscribe to the EPF with informed choices on merits. Needless to mention here that the officials of EPFO are drawing their salary from EPF subscription and it is the those subscribers are facing problem at the time of withdrawal of their own hard earned money. more
EPF scheme was introduced with certain terms and conditions, the prominent being the contribution, interest out of deposits would be tax free at the time of withdrawal. Changing the terms and conditions now during the current membership is unconstitutional and being looked at as an unethical business.
When the scheme is a compulsory one, how a Govt wish now compel you to invest the proceeds in certain annuity schemes through discouragement. Basically it is my money and I should be the deciding person to invest further in the plans or buy property or spend money on other events.
It is giving a signal that Govt. in Parliament is working as "Marketing Managers" of the companies and arranging for their consumers base by constitutional abuse. Let those Insurance Companies come up on their own merits. Even if the Govt. wish to continue with their agenda, the existing subscribers as on 31st March 2016 remain untouched from any change leading it towards worst. The scheme should be modified only for the new subscribers and that too only if the Govt. come out with making EPF as an optional and let the people subscribe to the EPF with informed choices on merits. Needless to mention here that the officials of EPFO are drawing their salary from EPF subscription and it is the those subscribers are facing problem at the time of withdrawal of their own hard earned money. more
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i will sure change minimum of 500 people to vote againt my own party and in turn they will do a lot against the party un less the tax in on epf withdrawel is with drawn more
Mar 02
but now the interest is taxable it is worst thing that ever i heard and i feel worst for voting to my own party from the inception more
Mar 02
While Sri Virmani is correct in his findings , in my opinion , the EPF in private Sector was with a general view in addressing for Wage and Salary based who would utilize this money for Housing etc., and Retirement age needs . The 100% withdrawal option even to those on Remuneration level of Employment enables them to business with these funds as may be required which provides reasonable profits . Such Business investment provision if attract Tax while the amount of pension is free of any such , in my opinion , is justified at the interest the general public if they are still in such poverty in the Country please . more
Mar 02
