Govt. May Penalize Higher PF Savings

  • The upcoming Budget may penalise voluntary investments of more than Rs.1.5 lakh parked in the Employees' PF and General PF accounts.
  • This will to channelize savings to other alternatives such as the National Pension System.
  • “The finance ministry is keen on introducing penalties of some sort on such investments,” said a top government official.
  • “One alternative being considered is to offer a lower interest rate on investments over Rs 1.5 lakh,” he said.