'Industries should contribute regularly towards PF'

Indo Asian News Service

Kolkata, Feb 6 (IANS) Industries should contribute regularly to employees' provident funds (PF) since only about 24 percent of the working population has PF accounts, the additional central provident fund commissioner said here Wednesday.

"Only about nine crore of the 39 crore workers across the country have PF accounts and other social securities," A.M. Raju said at an Indian Chamber of Commerce seminar.

He urged the industries to contribute regularly towards provident fund and pension fund of their employees to provide people with purchasing capacity after retirement.

"Retired population does not have any alternative source of income apart from pension and provident fund savings. Thus, if there is no purchasing capacity of the retired people, the economy will be impacted," he said.

Raju said his department has proposed to the labour ministry to hike minimum pension from Rs.600 to Rs.1,000.