The government on Saturday proposed to revamp laws governing salary payment and granting employees a choice over how they get salary, saying it will amend legislation in this regard after consultation with stakeholders. Presenting his first full year Budget, Finance Minister Arun Jaitley said employees need to be provided two options with respect to the Employees Provident Fund (EPF). "Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer's contribution," Mr. Jaitley said. With respect to ESI, he said the employee would have the option of choosing either ESI or a Health Insurance product, recognised by the Insurance Regulatory Development Authority (IRDA). "We intend to bring amending legislation in this regard, after stakeholder consultation," Mr. Jaitley added. According to HR experts, the Finance Minister has thus created incentives for our youth to join the formal sector and curb the decade old trend of growing informal workforce. "Indian Staffing Federation has been actively supporting and promoting the drive to provide these choices and believes that this move would actually contribute to formal job creation and a… Read full this story
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