PF or Employees’ Provident Fund is making news. The recent developments in EPF are about panel report. As per the news, Parliamentary Panel asked Labour Ministry to conduct audit. This special inspection will be of private EPF trusts. However, this is for only a few EPF trusts.

Inspection on private EPF trusts

As per reports, Labour Ministry will check those trusts, which invest retirement savings of employees. In addition, these trusts invested savings in their organisations. In addition, this investment is via mutual funds. Did you know about EPF Pensioners will get Medical Benefits?

However, EPFO checks these private EPF trusts. As these trusts must follow EPFO guidelines. Furthermore, ‘exempted establishments’ is name of these trusts. Because they do not deposit employee’s contribution in EPFO. Besides, full form of EPFO is Employees’ Provident Fund.

Earlier Government announced PF coverage for salaries from Rs. 21,000. Now the panel tells that it is not correct to invest in business. Especially if it is own business. Therefore, it advised Labour Ministry to conduct audit. Panel submitted report on 7 April in the Parliament.

Other developmental plans of Labour Ministry

Even Ministry of Labour and Employment released news about changes in EPF policies. One of them is about PF coverage.

On the other hand, there were many suggestions of panel. In short these changes will check firm’s investment. In addition, authorities will know where is employee’s PF invested. While there is option to Check EPF balance by UAN number. This way you will know how much provident fund balance is there in your account.

If you wish then you can go for second option. This is EPF balance statement download. Ministry of Labour and Employment Department released other details of PF. Mr. Bandaru Dattatreya said that there will be EPFO housing scheme 2017 for EPFO members.

In this way, EPF members will benefit. Furthermore, you can check the EPFO housing scheme loan details as well.

Panel’s report

Finally, panel asked Labour Ministry to take correct decision. Because this will affect future of EPFO members.