New Delhi: Retirement fund body EPFO will hire a representative to training session a low-fee housing scheme for its over 4 crore subscribers.
“A private firm will soon be employed to border a housing scheme for subscribers of the personnel’ Provident Fund employer. The housing scheme suggestion is underneath consideration of the Labour Ministry,” Labour Minister Bandaru Dattatreya informed reporters at the sidelines of an event.
requested approximately the timeline for finalising the scheme so that it could be positioned earlier than EPFO’s apex selection making frame the vital Board of Trustees (CBT) for approval, the minister stated, “we are operating on it. We do not have the information in this vicinity.”
but, resources said that the draft scheme can come up come up for discussion inside the subsequent assembly of the CBT expected subsequent month.
earlier this month, Labour Minister in the Lok Sabha had said that the authorities is exploring the possibility for presenting a appropriate low-cost housing scheme or subscribers of employees’ Pension Fund.
final 12 months, the inspiration turned into additionally on the agenda of CBT meet hung on September sixteen. on this regard, a record of an expert committee became also positioned up for deliberations.
The committee had unanimously encouraged a scheme to facilitate subscribers to buy houses wherein they may get an increase from their PF accumulation and may be allowed to pledge their future PF contribution as EMI (Equated monthly Installment) price.
beneath the proposed scheme, there may be a tripartite settlement with member, financial institution/housing organization and EPFO for pledging future PF contributions as EMI fee.
The panel had counseled that the subscribers will buy a dwelling unit with loans from bank or housing finance companies.
however, the panel had suggested this scheme for those EPFO subscribers who’re low profits formal workers and couldn’t buy a residence at some point of their entire carrier period.
The body had supplied housing facility to the subscribers in the sooner NDA authorities when Sahib Singh Verma was the Labour Minister, a senior EPFO legitimate stated.