New Delhi: Good news for over five crore subscribers as retirement fund body EPFO is working on a scheme to provide low cost housing.
A news quoting a source said, “The EPFO is working on the proposal to provide low cost housing to its subscribers, which will come up for discussion in the meeting of its trustees expected sometime next month.”
Earlier in the Lok Sabha, labour minister Bandaru Dattatreya had said the government is exploring the possibility for providing a suitable low-cost housing scheme for subscribers of employees’ pension fund, replying to a question whether the government or the EPFO has introduced/proposes to introduce a scheme to allow its subscribers to pledge their future PF contribution to buy low-cost houses.
Last year, the proposal was also on the agenda of EPFO’s trustees meeting held on September 16.
A report of an expert committee on housing facility for the subscribers was also presented to the trustees for their perusal.
The committee had unanimously recommended a scheme to facilitate subscribers to buy houses where they will get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (equated monthly instalment) payment.
Under the proposed scheme, there will be a tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
(With Agency Inputs)