EPFO TO END INSPECTOR RAJ

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Senior officials of Employees’ Provident Fund Organisation (EPFO) say the EPFO will begin the process on April 1 when the entire compliance operation will be on line. That will eliminate the need for any EPFO officer to personally inspect company records. In the new system, the EPFO will ask companies to voluntarily disclose all information required to comply with the Employees’ Provident Funds & Miscellaneous Provisions Act. Based on the information, the EPFO will devise parameters to discover defaulters. The parameters will change each year to avoid companies being compliant with only certain parameters. Last July, the Central Bureau of Investigation registered cases against nine senior officials of the EPFO for causing a loss to the exchequer amounting to Rs.169 crore. Most defaulting companies usually understated the number of employees to bring down EPFO liability. In view of the above, the visits from the EPFO office to your Company may be a thing of past.

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Posted on March 3, 2012, in News and views. Bookmark the permalink. Leave a comment.

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