The Employees’ Provident Fund Organisation held a one-day seminar in Lucknow on July 24 to brief exempted establishments on proposed changes under the Code on Social Security, 2020 and the Employees’ Provident Fund Scheme, 2026.The seminar, coordinated by EPFO’s Lucknow regional office at the IIA Bhawan, brought together representatives from exempted establishments across Uttar Pradesh — from Jhansi to Kushinagar and Lakhimpur Kheri to Sonbhadra — along with officials from five regional offices.“The proposed provisions will make the exemption and compliance framework simpler, more transparent and accountable,” said Additional Central PF Commissioner Uday Bakshi, who presided over the event.
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Key provisions of the new framework
RPFC-I Uttar Pradesh zone Pawan Kumar Singh presented details on the proposed exemption provisions under the new codes. Key features include:
- Initial exemption valid for three years, subject to renewal upon fulfilling prescribed conditions
- Eligibility benchmarks including 500 contributing members and a cumulative fund of ₹50 crore
- Mandates for digital record maintenance, timely online reporting and statutory audits
- Adherence to notified investment patterns and secure transfer of members’ provident fund balances
The seminar highlighted the Amnesty Scheme-2026, which provides a one-time opportunity for eligible establishments that operate recognised provident fund trusts under the Income Tax Act but lack formal exemption notification.The scheme allows eligible establishments to apply within the stipulated period for Retrospective Trust Regularisation and remains effective for six months from the date of notification.
Investment management and industry participation
Central Board of Trustees member Vineet Nahata addressed the technical session on investment patterns for exempted PF trusts.“Exempted PF trusts have been permitted to declare 2 per cent higher interest over and above statutory interest pay-out, which they should utilise to reward beneficiaries,” Nahata said. He emphasised capital security, prudent diversification and the balanced use of government securities, sovereign green bonds and permitted investment instruments.Additional Central Provident Fund Commissioner Uday Bakshi, who presided over the event, said the proposed provisions would make the exemption and compliance framework simpler, more transparent and accountable.Senior EPFO officials addressed participants’ queries on exemptions, digital compliance, trust administration and investment management during interactive sessions.The seminar was attended by officials from NTPC, Bajaj Hindustan Ltd, HAL, DAV Public School, Springdales School, UPDESCO, UPSIDC, JK Cement and various other exempted establishments and provident fund trusts.The programme concluded with a vote of thanks by RPFC-II Lucknow Ashish Kumar.
