Good Evening all!
Pls refer to the said circular as issued by the EPFO in regards to No Inspection for the Startup New Company under EPFO.
The directions were issued from the Secretary ( Labour & Employment) where in No inspection will be carried out by the EPFo Official for Next three years
Start-Ups are allowed to submit self-certified returns under EPF & HP Act, 1952. From the second year onwards, up to three year from the setting up of the unit, such Start-Ups may be taken up for inspection only when very credible and verifiable complaints of violation is filed in writing and the approval has been obtained from the Central Analysis and Intelligence Unit (CAIU).
Startup Companies are defined by the Department of Industrial Policy & Promotion as an entity incorporated or Registered under India not Prior Five years with annual turn over not exceeding Rs 25 Crores in any of the preceding financial year working towards innovation development or commercialization of new Products Process or Services driven by technology or intellectual Property.
Apart from EPF the other labour laws inspection will also be not inspected
1. The Industrial Dispute act 1947
2. The trade unoins act 1926
3. The Building & Other Construction Workers Act 1996
4. The Industrial Employment ( Standing Orders Act ) 1946
5. Inter State Migrant Workmen
6. The Payment of Gratuity Act
7. The Contract Labour act
8. Employees State insurance act 1948
It is good News for New companies
Pls refer to the said attach circular as attach below pls download the same.
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