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IWs faced a lot of problems when returning to India, in terms of higher contributions and restrictions on the withdrawal of accumulated balance.

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EPF pensioners will be able to avail medical facilities from a network of more than 1,400 dispensaries and 150 hospitals under ESIC.

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The Central Board of Trustees (CBT) has turned down the proposal to reduce the mandatory contributions from workers and employers to 10 per cent.

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In a bid to increase social security and enhance worker awareness EPFO has taken significant measures to provide more benefits to members and ease the withdrawal process.

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Companies which had not earlier enrolled their employees under the EPF scheme can now do so, against payment of a minimal damage fee of Re 1 per year of default.

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The investor will have to provide a valid reason for the same which includes expenditure towards higher education or medical treatment.   

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GOI has proposed to bring EPF at par with NPS, which has a tax rebate on 40 per cent of the corpus while the remaining 60 per cent is taxable.

 

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