30/11/2024, 6:08:03 pm

EPFO directs Bajaj Allianz Life Insurance to pay ₹121-crore default

The EPFO has ordered Bajaj Allianz Life Insurance to pay ₹121 crore in defaulted provident fund contributions within 60 days, citing the company's deliberate attempt to avoid PF dues by splitting salary components into various perks. The EPFO has ruled that these allowances qualify as basic pay, requiring PF contributions.