EPFO launches VISHWAS, 2026

The Employees’ Provident Fund Organisation (EPFO) has launched “VISHWAS, 2026”, a one-time dispute resolution scheme to facilitate the amicable settlement of disputes relating to the levy of damages/penalties on employers.

• The scheme has been introduced by the Ministry of Labour & Employment.
• It covers disputes relating to:
  • Section 14B of the Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act, 1952, and
  • Section 128 of the Code on Social Security, 2020.

Key Features

• The scheme applies to defaults that occurred before 14 June 2024.
• Under VISHWAS, 2026, damages/penalties will be recalculated at concessional rates:
  • 0.25% per month for defaults up to 2 months.
  • 0.50% per month for defaults of more than 2 months but less than 4 months.
  • 1.00% per month for defaults of 4 months or more.
• The reduced rates are intended to encourage employers to settle long-pending disputes quickly.

Eligibility Conditions

• Employers must fully pay the interest payable under:
  • Section 7Q of the EPF & MP Act, 1952, or
  • Section 127 of the Code on Social Security, 2020, as applicable,
    before submitting an application under the scheme.
• Applicants must also provide an undertaking stating that no further appeal will be pursued regarding the dispute settled under VISHWAS, 2026.

Source: PIB

CLICK HERE: UPSC PRELIMS & MAINS CURRENT AFFAIRS BASED WEEKLY TEST (ENG & HINDI)

CLICK HERE FOR GS TIMES PRAHAR UPSC GS MAINS TEST SERIES 

CLICK HERE: DAILY CURRENT AFFAIRS QUIZ (FOR ALL EXAMINATIONS)