Plan to double number of firms registered with EPFO

COIMBATORE: The number of companies registered with the employee provident fund organisation (EPFO) should be doubled within the next one year, said labour and employment minister Santosh Kumar Gangwar. While around 10 lakh firms had registered, the ministry has set a target of 20 lakh. It urged more firms to use the scheme where a portion of the employer's contribution goes into to the provident fund.


"Almost 80 lakh companies have registered for GST. The numbers may go up to 1 crore companies. But only 10 lakh of them have registered with the EPF scheme," he said. "In a bid to reach the target of doubling it, we will identify the remaining companies with 20 or more employees that come under the EPFO and approach the companies with many schemes, so they also register with us," said secretary in the ministry of labour and employment, M Sathyavathy. The minister also urged more companies to register and utilize the Pradhan Mantri Rojgar Protsahan Yojana, where the government will pay the employers contribution of 8.33% towards the Employee Pension Scheme for employees having a new `Universal Account number'.