All banks to come under PF law soon

The government has decided to bring all banks in the ambit of Employees’ Provident Fund Act, 1952.

Banks which have 20 or more employees will have to comply with this law. The law will be effective from February 10, 2016.

The decision will extend the cover of EPF law to all those bank employees who are not entitled to the benefits of Contributory Provident Fund or old age pension in accordance with any scheme or rule framed by the Central Government or the State Government or by the respective banks established under the Banking Regulations Act, 1949.

The EPFO will also bring more and more construction workers under the ambit of the Act.

The organisation has developed software to monitor the compliance status of different firms. Both registered and unregistered principal employers can upload details of contractor. The software will segregate details pin-code wise.