Affordable housing scheme for EPFO subscribers in the works

NEW DELHI, January 4: The labour ministry is preparing a mega housing scheme to offer affordable houses to over 5 crore subscribers of retirement fund body EPFO in the backdrop of the government’s mission ‘Housing for all by 2022’. The ministry intends to collaborate with PSU banks, housing fince companies, state–owned construction firms like NBCC and authorities like DDA, PUDA, HUDA to build houses at a price to be fixed by the government. “Labour ministry is preparing a scheme under which affordable houses will be provided to the Employees’ Provident Fund Organization (EPFO) subscribers, particularly those who are in the low income bracket,” a source in the ministry said.  At present, there are over 70 per cent EPFO subscribers whose basic wages are less than Rs 15,000 per month. In a recent note, the Prime Minister’s office had asked EPFO to promote affordable housing for its subscribers and use its funds for the purpose. According to the note, deployment of 15 per cent of EPFO funds as loan for low cost housing would generate a credit flow of Rs 70,000 crore and can create 3.5 lakh additiol low–cost homes. (IANS)