New Delhi: Retirement fund body EPFO will rent a consultant to work out a low-cost housing scheme for its over four crore subscribers.
“A non-public firm will soon be employed to frame a housing scheme for subscribers of the employees‘ Provident Fund business enterprise. The housing scheme inspiration is below attention of the Labour Ministry,” Labour Minister Bandaru Dattatreya advised journalists at the sidelines of an event.
asked approximately the timeline for finalising the scheme so that it is able to be located before EPFO’s apex choice making body the vital Board of Trustees (CBT) for approval, the minister stated, “we’reoperating on it. We don’t have the know-how on this vicinity.”
but, assets said that the draft scheme can arise come up for discussion within the next meeting of the CBT predicted subsequent month.
earlier this month, Labour Minister in the Lok Sabha had said that the authorities is exploring thepossibility for imparting a suitable low-fee housing scheme or subscribers of personnel‘ Pension Fund.
last yr, the idea became additionally on the agenda of CBT meet held on September 16. in this regard, areport of an expert committee turned into additionally positioned up for deliberations.
The committee had unanimously endorsed a scheme to facilitate subscribers to shop for houses in whichthey will get an strengthen from their PF accumulation and could be allowed to pledge their destiny PF contribution as EMI (Equated month-to-month Installment) payment.
below the proposed scheme, there could be a tripartite agreement with member, bank/housing corporationand EPFO for pledging destiny PF contributions as EMI fee.
The panel had cautioned that the subscribers will purchase a living unit with loans from financial institution or housing finance agencies.
but, the panel had advised this scheme for the ones EPFO subscribers who are low income formalemployees and could not purchase a house at some stage in their whole provider period.
The frame had supplied housing facility to the subscribers in the sooner NDA authorities whilst Sahib Singh Verma turned into the Labour Minister, a senior EPFO legitimate stated.
(This story has no longer been edited with the aid of NDTV workforce and is vehicle-generated from a syndicated feed.)
