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Clubbing of wages for PF to dampen business and investment sentiment: FICCI

29 May 2013 Evaluate

Industry body FICCI has resisted the move to club allowances with the basic wages for PF deductions saying that the proposal is unfruitful and if implemented will dampen business and investment sentiments. The FICCI said in its notification that the proposal to renotify definition of basic wages under the Employees Provident Fund & Miscellaneous Provisions Act 1952, would have huge financial implications both for industry and the Government’.

By adding further, industry body said that the move may also be counterproductive to the Employees' Provident Fund Organisation (EPFO) as organizations that are extending coverage to employees receiving salaries above Rs 6,500 may choose to step down, which will deprive employees’ coverage under a globally renowned social security scheme. Further, the industry body is of the view that the introduction of a triple test- 'Ordinarily, Necessarily and Uniformly'- for the purposes of defining basic wages will arm the field staff to use their discretion to put additional burden on employers.

The Employees' Provident Fund Organisation had earlier issued its notification on November 30, which suggested that all allowance which are 'Ordinarily, Necessarily and Uniformly' paid to workers will be clubbed with basic wages for the purpose of PF deductions. However, the notification was put on hold later on and EPFO had constituted a committee comprising unionist and employers to discuss on the issue. Accordingly the panel had suggested for clubbing of wages with minor changes in the provisions to labour ministry. Meanwhile, the government has halted its final decision to notify the clubbing of wages.

As per the provision of EPF scheme 1952, the employers have to contribute 12 per cent of the basic pay and dearness allowance towards the PF deposits of workers every month. Thus with increase in basic wages, the employers' liability would increase. Further the government contributes 1.16 per cent of the basic wages of workers toward their pension account. Therefore, the decision would also result in higher contribution by the central government towards workers' pension accounts. Presently, there are over 50 million subscribers of the scheme and the EPFO has a corpus of over Rs 5 lakh crores in EPF and EPS schemes.

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Clubbing of wages for PF to dampen business and investment sentiment: FICCI

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