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EPFO Blocks 9 Lakh PF A/cs After Discovering Job Incentive Fraud: Report

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As per a leading business dailies report, the government has discovered that as many as 80000 companies have been involved in a fraud wherein they had managed to amass a sum to the tune of Rs. 300 crore from the centre claiming to generate jobs in the formal economy.

EPFO Blocks 9 Lakh PF A/cs After Discovering Job Incentive Fraud: Report
 

And further to it, as there were employees who were already the part of the formal economy, some 9 lakh employee have been blocked by the PF department as they were not eligible to be part of the job formalization scheme nomenclature to be Pradhan Mantri Rojgar Protsahan Yojana (PMRPY).

Also, from the employers, the provident fund organization has managed to recover a sum of Rs. 222 crore. The beneficiaries formed the part of the EPFO payroll database that is used by the centre for showcasing job creation in the formal economy.

PMRPY scheme was rolled out in the year 2016 with a view to incentivize employers for creation of jobs in the formal economy.

As per the scheme, the government would pay complete employer's contribution of 12% i.e. both for EPF and EPS for 3 years in respect of new joinees who have been registered with the EPFO on or after after April 1, 2016, with salary up to Rs 15,000 per month.

GoodReturns.in

Read more about: epfo provident fund pf
Story first published: Thursday, January 30, 2020, 17:39 [IST]
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