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Taking another step towards completion of the privatization process for Air India, the Centre has brought thousands of employees of the airlines under the EPFO (Employees’ Provident Fund & Miscellaneous Provisions Act 1952) coverage. Employees will come under EPFO from December 1, 2021.
According to the gazette notification, the employer and majority of the employees have agreed to shift to provisions under the EPFO.
Till date Air India employees were contributing in the provident fund and the money was channelized into two funds AIEPF (Air India Employees Provident Fund) and IAEPF (Indian Airlines Employees Provident Fund) with a total investment of around ₹4,500 crore. These two funds were recognized under Provident Fund Act 1925.
With this gazette notification, the airline has completed the process of shifting employees from the old PF to the new system.
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