CODISSIA has made a set of demands to the central Provident Fund Commissioner in connection with the Employee Provident Fund of Small and Marginal Industries.
Coimbatore: CODISSIA has presented a set of demands to the central Provident Fund Commissioner in connection with the Employee Provident Fund of Small and Marginal Industries.
CODISSIA. Coimbatore District Small Scale Industries Association has presented the following demands to the Central Provident Fund Commissioner in connection with the Employee Provident Fund of Small and Marginal Industries.
1. Under Section I of the EPF Act, 1952, the contribution of labour and company owner should be defined as 10% in view of the nature and financial position of small and medium enterprises. This should be made applicable to factories with less than 20 workers.
2. Under section 7 of the EPF Act, 1952, interest is currently levied at 12%. But considering that banks have now reduced interest rates by 8.5 to 8.75%, we need to amend our law as well.
3. Penalty duty levied on delay in contribution to PF amount should be reduced as many Small and Medium Enterprises have been affected by the obligatory financial difficulty and lack of production for the last two years (2020 - 2021, 2020 - 2022) due to COVID infection.
4. When a Small Scale Enterprises is closed without operation in unavoidable circumstances and the required certificates are submitted, the Closure and No Due Certificates for the company should be declared without delay.
5. Since online nomination registration is not possible due to issues with the EPF server, direct nomination registration should be allowed to avoid delay in obtaining family pension.
6. As per Supreme Court order SLP No.811/2011, travel allowance should be exempted as it is not part of the labour salary.
7.Companies paying PF more than 50% of their wages should be advised not to insist on additional contributions.
Therefore, on behalf of CODISSIA, we request you to consider the above demands and take appropriate steps to benefit small and medium enterprises, the association conveyed in a statement.
CODISSIA. Coimbatore District Small Scale Industries Association has presented the following demands to the Central Provident Fund Commissioner in connection with the Employee Provident Fund of Small and Marginal Industries.
1. Under Section I of the EPF Act, 1952, the contribution of labour and company owner should be defined as 10% in view of the nature and financial position of small and medium enterprises. This should be made applicable to factories with less than 20 workers.
2. Under section 7 of the EPF Act, 1952, interest is currently levied at 12%. But considering that banks have now reduced interest rates by 8.5 to 8.75%, we need to amend our law as well.
3. Penalty duty levied on delay in contribution to PF amount should be reduced as many Small and Medium Enterprises have been affected by the obligatory financial difficulty and lack of production for the last two years (2020 - 2021, 2020 - 2022) due to COVID infection.
4. When a Small Scale Enterprises is closed without operation in unavoidable circumstances and the required certificates are submitted, the Closure and No Due Certificates for the company should be declared without delay.
5. Since online nomination registration is not possible due to issues with the EPF server, direct nomination registration should be allowed to avoid delay in obtaining family pension.
6. As per Supreme Court order SLP No.811/2011, travel allowance should be exempted as it is not part of the labour salary.
7.Companies paying PF more than 50% of their wages should be advised not to insist on additional contributions.
Therefore, on behalf of CODISSIA, we request you to consider the above demands and take appropriate steps to benefit small and medium enterprises, the association conveyed in a statement.