Centre has decided to hand over mandate of strict enforcement of provident fund norms covering close to 150 entities to the labour ministry.
Employees' Provident Fund Organisation (EPFO), reports to the labour ministry, which has been a bone of contention with North Block officials.
According to a report that appeared in ‘The Economic Times’, decision came after it was observed that in case of few top colleges, for example, annual payout is much lower than the interest rate offered by EPFO.
Same way, there were complaints concerning an airline, and the Seamen's Provident Fund also faced a big scandal almost ten years back.
Likewise, there was no focused regulation of retirement funds offered by insurance firms led by Life Insurance Corporation, with Pension Fund Regulatory Authority of India staking claim on it.