Statutory contribution to the employees’ Provident Fund Organisation (EPFO) by the Centre has touched to Rs 9,115 crore. According to Money Control, this figure was till March 2019 only. The dues have been skyrocketed since then due to economic crisis in India.
Out of Rs 9,115 crore arrears, Rs 8,063 crore is owed toward employees’ pension scheme (EPS) and the balance towards minimum pension benefit for low-wage organised sector workers.
Due to economic crisis of the country, the central government has been clearing only arrears since 2014-15, instead of providing its yearly EPS contribution, an official told Money Control. In 2018-19, the government cleared pending arrears of Rs 3,900 crore, instead of the Rs 5,483 crore contribution due.
The situation was discussed in August and September by the top EPFO managers. The payment lag was termed as ‘worrying’.
