EPFO To rent representative To Draft Housing Scheme For contributors

EPFO To Hire Consultant To Draft Housing Scheme For Members
New Delhi: Retirement fund frame EPFO will rent a consultant to workout a low-cost housing scheme for its over 4 crore subscribers.

“A personal firm will soon be employed to frame a housing scheme for subscribers of the employees’ Provident Fund organization. The housing scheme thought is underneath consideration of the Labour Ministry,” Labour Minister Bandaru Dattatreya advised reporters at the sidelines of an occasion.

requested approximately the timeline for finalising the scheme in order that it could be placed earlier than EPFO’s apex choice making frame the imperative Board of Trustees (CBT) for approval, the minister stated, “we’re operating on it. We don’t have the know-how on this area.”

but, resources stated that the draft scheme can come up arise for dialogue inside the next assembly of the CBT predicted next month.

earlier this month, Labour Minister within the Lok Sabha had said that the government is exploring the possibility for supplying a appropriate low-price housing scheme or subscribers of employees’ Pension Fund.

last year, the idea became also at the schedule of CBT meet hung on September sixteen. on this regard, a report of an professional committee changed into additionally positioned up for deliberations.

The committee had unanimously advocated a scheme to facilitate subscribers to buy houses in which they’ll get an advance from their PF accumulation and might be allowed to pledge their future PF contribution as EMI (Equated month-to-month Installment) payment.

below the proposed scheme, there will be a tripartite agreement with member, bank/housing organization and EPFO for pledging destiny PF contributions as EMI payment.

The panel had recommended that the subscribers will purchase a residing unit with loans from bank or housing finance organizations.

but, the panel had recommended this scheme for the ones EPFO subscribers who’re low income formal employees and could not buy a house throughout their complete carrier period.

The frame had provided housing facility to the subscribers in the earlier NDA government whilst Sahib Singh Verma was the Labour Minister, a senior EPFO official said.