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Aug 11, 2008

CODISIA's Urged Govt

The Coimbatore District Small Industries’ Association has urged the Central Government to drop the proposal to reduce the threshold limit for Employees Provident Fund Scheme from 20 employees to 10. Association president K. Illango has said in a release that according to reports about the move to amend the EPF Act, the Centre proposed to cover industries with 10 employees too under the scheme.
Most of the units not covered under the scheme now were micro industries with less than Rs. 25 lakh investment. Most of these were run by first generation entrepreneurs who managed the industries with just a few supporting staff. These employees kept looking out for better opportunities and changed jobs frequently. Thus, it would be difficult to submit returns for these staff.

The proprietors of these micro units were handling several issues related to production and marketing and “reduction in threshold limit under the PF Act will act as an additional burden, especially in the present difficult times when micro and small industries have to face the onslaught of open market.” Mr. Illango appealed to the Centre to maintain the minimum 20 employees norm for industries to be covered under the Act.

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