EPF Plans to Expand Deposit Base by Integrating Individual Depositors

December 6: Employee Provident Fund (EPF) is making necessary preparations to allow general public to deposit in provident fund at individual level. EPF's latest strategy to integrate self-employed, private and informal sector employees in its system comes with a view to expand its deposit base to Rs. 700 billion.

Earlier, only 10 employees of private firms were allowed to be part of the EPF, other than government staff. The new provision will be a breakthrough for any individual willing to deposit their income in the EPF.

A proposal to this effect has already been presented to EPF's BoD. General public will be able to deposit their income following our BoD's approval of the proposal, informed Deepak Rauniyar, EPF's Acting Administrator.

Currently, more than 600,000 employees deposit portion of their salary into EPF anually.