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| Traders demand surrender of PF registration | | |
Early Times Report
Jammu, Dec 3: Traders sought surrender of PF Registration as staff strength is reduced below minimum prescribed limit. Continued lockdown, stalled economic activities has led traders, retailers and small businesses to shrink the activities and to curtail expenditures to survive post pandemic slow down. In such a situation most of staff of these traders and retailers had left and minimum strength which is prescribed for applicability of provision of provident fund fell from 20 and more to just 5-10. As per provision of Section 1(5) of Provident Fund and Misc. Provision Act 1952 if any establishment gets itself registered with PF authorities upon reaching staff strength 20, it cannot surrender it PF registration subsequent even staff strength fell from 20 i.e., the minimum staff strength for applicability of Provident Fund.
Sanjay Bansal, President – J&K (Federation of All India Vyapar Mandal) has written on behalf of Nations apex trade body Federation of All India Vyapar Mandal (FAIVM) which represent traders and retails have written to Santosh Kumar Gangwar, Union Minister of State for Labour and Employment (Independent Charge) to defer and suspend applicability of section 1(5) of Provident Fund and Misc.
Provision Act 1952 for two years to provide relief to small traders whose staff strength reduced from prescribed limit. In its letter FAIVM has mentioned that earlier small businesses, whose staff strength was more than 20, used to comply provision Provident Fund happily, but after new normal when staff strength is reduced to even below 10, it has become difficult to follow various compliances of provisions of Provident Fund and Misc. Provision Act 1952. |
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