EPFO mulls further reduction in admin fee charged from firms | Business Standard News

EPFO mulls further reduction in admin fee charged from firms | Business Standard News

My VIEW:



The practice of charging
administration charges as an additionality was valid in 1952 when Employees’
Provident Fund Scheme was launched. At this stage when EPFO manages huge funds
and even the ‘income’ from  unclaimed
deposits in its kitty would take care of part of its establishment costs, the
organisation can even think of discontinuing the practice of collecting
administration fee separately. If employers should be paying more as their
contribution to PF, that should be done in a transparent manner.
A related issue is with 8
lakh employers on its roll and a built-in Employees’ Pension Scheme, EPFO was
the best organisation to implement New Pension Scheme (now National Pension
System). Even now, it is not too late for government to consider transferring
NPS fund management responsibility from PFRDA to EPFO. Of course, there is need
to improve EPFO’s fund management expertise and giving functional autonomy to
the organisation for the purpose.
PFRDA should graduate
itself into an apex regulatory and supervisory body to oversee all
organisations concerned with social security including pensions, provident
funds, insurance and healthcare.


M
G Warrier, Mumbai

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