EPFO To Hire Consultant To Draft Housing Scheme For Members

New Delhi: Retirement fund body EPFO will lease a consultant to workout a low-fee housing scheme for its over four crore subscribers.

“A personal company will soon be employed to frame a housing scheme for subscribers of the employees‘ Provident Fund company. The housing scheme thought is beneath attention of the Labour Ministry,” Labour Minister Bandaru Dattatreya told journalists at the sidelines of an event.

requested about the timeline for finalising the scheme in order that it may be positioned earlier thanEPFO’s apex choice making frame the primary Board of Trustees (CBT) for approval, the minister said, “we are operating on it. We don’t have the information in this area.”

however, resources said that the draft scheme can come up come up for dialogue in the next meeting of the CBT predicted next month.

in advance this month, Labour Minister in the Lok Sabha had stated that the government is exploring theopportunity for presenting a appropriate low-fee housing scheme or subscribers of employees‘ Pension Fund.

closing year, the suggestion turned into also at the schedule of CBT meet held on September 16. on this regard, a report of an expert committee turned into additionally put up for deliberations.

The committee had unanimously encouraged a scheme to facilitate subscribers to buy houses whereinthey’ll get an improve from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (Equated month-to-month Installment) charge.

below the proposed scheme, there might be a tripartite settlement with member, bank/housing corporationand EPFO for pledging destiny PF contributions as EMI fee.

The panel had cautioned that the subscribers will purchase a dwelling unit with loans from bank or housing finance groups.

however, the panel had suggested this scheme for the ones EPFO subscribers who’re low income formalworkers and couldn’t purchase a house at some point of their entire provider duration.

The frame had provided housing facility to the subscribers in the sooner NDA authorities whilst Sahib Singh Verma turned into the Labour Minister, a senior EPFO official said.

(This tale has not been edited by means of NDTV group of workers and is car-generated from a syndicated feed.)