EPF Budget 2018 | Government Contribution in EPF | EPS Life Certificate – The Budget 2018 has been recently announced and many of the EPF Subscribers wanted to know that what changes have been done in EPF. Well, here we have covered all the changes that have been affected by the EPF Budget 2018.
EPF Budget 2018 – Government Contribution In EPF
Finance Minister Arun Jaitley announced in the budget of 2018 that the government will now contribute 12 percent in the EPF. New employees will benefit from this.
Also Read: PF Deduction – Where Does EPF Invest?
EPF Budget 2018 – No Longer Submission Of Life Certificates
At the same time, PF pensioners will not have to go round to give life certificates every year.
The government started it in the year 2017 itself. This will enable the pensioner to send his life certificate to the department by placing his thumb on the biometric machine. So far, the PF pensioner had to give his Life Certificate (PF) to the Life Certificate from November to December every year.
EPF Budget 2018 – Send Life Certificate Using Biometric Machine
Now, It doesn’t matter that where the pensioner is, he/she can transfer their digital life certificate to PF office in a matter of few minutes. The pensioner will have to go to any bank, common service centre or PF office, where he will mark his thumb on the biometric machine.
After putting thumb marks, its base number will be inserted. Then the pension payment order number and his bank account will be recorded in it. As soon as he makes a thumb, the system will make it a telecentre.
Some More Highlights From Budget 2018
The Finance Minister has announced an increase and said that the government will give employment to 70 lakh people in the next financial year.
The Finance Minister said that under the PM Housing Scheme, the poor will be given a home in rural areas. By 2022, the government has the goal of providing a home to every poor. 52 lakh new houses are being built in the villages.
The Government has made a proposal to provide free LPG connections to 8 crore rural women. There is a provision to provide electrical connection to the 40 million poor houses with good fortune plans.
Two million new toilets will be built under Clean India Mission in the villages.
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