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Government to Open Bank Accounts for Workers Today, Says Labour Minister Bandaru Dattatreya

Government to Open Bank Accounts for Workers Today, Says Labour Minister Bandaru Dattatreya

Latest news from Central Government regarding bank accounts. The Labour Minister Bandaru Dattatreya yesterday said that Government to start a nationwide campaign to open bank accounts for workers on Saturday.

Speaking about this campaign, Minister said Government had been decided to follow this route of digital transactions more dynamically than ever before. “The bank accounts will open for workers both in organized and unorganized sectors,” said, Bandaru Dattatreya.

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“The Special Campaigns will organize in every district at specific locations from today to help people to open their bank accounts. The Government has been decided to monitor this type of digital transactions more strongly than ever before,” he added.

He also said that the message has already been sent to all the states in this respect requesting their active co-operation. Minister Dattatreya wanted the cooperation of all establishments, employers, employees associations and others to confirm that the poor workers access these camps and gain the services. The campaign will continue for a few days through the concerned banks, their business correspondents, and fields as required.

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EPF Scheme to Introduce Pledging PF Plan to Buy Low Cost Homes

EPFO

Employees’ Provident Fund Organisation (EPFO) is planning to introduce a new scheme.  Through this upcoming EPFO Scheme, which will allow its subscribers to pledge the provident fund amount to buy low-cost homes, and they can use this account to pay EMIs (Equated Monthly Instalments)

“We are working on a housing scheme for members of the Employees’ Provident Fund Organisation (EPFO). Under it, members will be allowed to pledge their PF accumulations to buy homes,” mentioned Labour Secretary Shankar Aggarwal.

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This scheme was under the proposal from a long time, which will be put forward before the meeting of Central Board of Trustees expected to be held next month.  Once if the proposal is approved, then the scheme will be available to 4 crore subscribers.

“We don’t want to impose anything on the subscribers. Therefore, we will not buy land or build houses for them. They will be free to choose their homes from the open market,” labour secretary added.

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According to the panels’ suggestions, this scheme will be available to low-income formal workers who are EPFO subscribers who cannot afford to buy a house during their service period.

Under this scheme, there will be a tripartite agreement between, member, House agency or bank and EPFO.

The same scheme was listed on the agenda of the Central Board of Trustees meeting held on September 15 last year. A report from the expert committee related to the housing facility for the subscribers was also presented at the meeting.

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The committee has consistently recommended a scheme to facilitate subscribers to buy low-cost homes. It suggests that the benefits under this scheme of Ministry of Housing and Urban Poverty Alleviation could be extended to the customers.

Labour Minister Dattatreya had told Lok Sabha in a written reply saying “Government is exploring the possibility of providing a suitable low-cost housing scheme for subscribers of Employees’ Pension Fund. It is in the preliminary discussion stage.”