PF makeover may bring down employee outgo

The Employees' Provident Fund Organisation has proposed sweeping changes in practices that are more than half-a-century old as it looks to widen the social security net by bringing more people into its fold besides encouraging the regularisation of low income, blue-collar workers. It has suggested that the compulsory 12 per cent of salary paid by employees to EPFO be reduced or even waived for a certain period.

Read the Economic Times news report here.