EPFO may provide housing to subscribers on additional payment of 10 pc

Besides managing retirement funds, EPFO may come out with a scheme to provide housing to it’s over 5 crore subscribers on additional contribution of 10 per cent by them from their basic wages every month.

The idea was mooted by Labour Minister Oscar Fernandes during a function of Employees' Provident Fund Organisation (EPFO) on Sunday. "EPFO can deduct extra 10 per cent of their basic wages over the mandatory contribution of 12 per cent made by them at present. The money can be used to provide them housing facility," he said.

Read the Financial Express news report here.