Amendment of Section 2(b) of the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952 for definition of Wages and corresponding amendment in other provisions of the Act and Scheme thereunder
During 220th meeting of Central Board of Trustees (CBT) of Employees Provident Fund held on 21st February 2018, it was reported that ‘Wages’ for the purposes of Provident Fund is reduced as the employer compensates the employee making payments in other heads. Further, the definition of wages differs between ESIC Act and EPF & MP Act. In this regard, a self-explanatory board agenda was placed for consideration and decision
However, keeping in view its serious implications ASSOCHAM had expressed concern whereas workers representatives on the board were insisting on its immediate acceptance and implementation. Since such a change will involve amendment in the Act, EPF has constituted a 4 member committee of CBT Members as detailed below:
1. Dr. G. Sanjeeva Reddy,President,INTUC (Employees Rep.)
2. Sh. Virjesh Upadhyay, National Secretary,BMS, (Employees Rep.)
3. Dr. G.P.Srivastava, Chief Advisor, ASSOCHAM, (Employers Rep.)
4. Sh. Sushanta Sen, Principal Advisor,CII, (Employers Rep.)
The committee has been required to give its recommendation about the proposed definition of ‘Wages’ within 10 days and the 1st meeting of the committee is being scheduled on 28th Feb, 2018.