EPFO orders Bajaj Allianz Life Insurance to pay ₹121 crore in unpaid provident fund contributions

The Employees’ Provident Fund Organisation (EPFO) has ordered Bajaj Allianz Life Insurance to pay ₹121 crore in unpaid provident fund contributions. The EPFO found that the company split salary components into perks to avoid these payments. The order, issued on November 27, covers the period from September 2014 to August 2019. The EPFO stated that allowances like conveyance and professional allowances should be included in basic pay for provident fund calculations. Bajaj Allianz argued that it had included these allowances in basic wages following a Supreme Court ruling. However, the EPFO disagreed, stating the company manipulated salary structures to evade compliance with provident fund regulations.