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EPFO

Jan 18, 2020, 11.21 AM IST

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  • Entering 2020, the government hopes that India would be able to implement all four codes on wages, industrial relations, social security and occupational safety, health and working conditions. These are expected to improve ease of doing business and safeguard interest of workers.

    Initially, Santusht (Hindi for satisfied) would monitor all services provided by retirement fund body EPFO and health insurance and services provider ESIC to formal sector workers. Later, the portal would cover other wings of the ministry as well. It would also have data on real time basis to assess the performance of each and every official.

    The Finance Ministry and board of regulators have given an in-principle nod to the proposal. Once the PFRDA Act is amended, it could give powers to the regulator to manage the handling of NPS trust to the government.

    “The number of active members under EPFO, at present, are 4,50,60,972 (contributing UANs of last three wage months viz. August, 2019 to October, 2019)," said labour and employment minister Santosh Kumar Gangwar .

    The move, which comes 10 years after the provision was withdrawn, follows a decision at a recent meeting of the EPFO’s central board of trustees and will benefit around 630,000 pensioners.

    The Bill proposes setting up a social security fund using corpus available under corporate social responsibility. This fund will provide welfare benefits to all workers, including gig workers. As per the bill, millions of organised sector employees may soon have the option of reducing their provident fund contribution.

    The ministry’s proposal to corporatise the EPFO had faced severe criticism. In its latest draft code released in September, it had proposed a corporate structure to be headed by a CEO.

    Employees' Provident Fund Organisation (EPFO) is undertaking several digital initiatives including online Universal Account Number (UAN) generation facility for subscribers and e-inspection system for employers.

    At present, workers are required to apply through their employers to get the universal account number (UAN), which enables them to avoid filing PF transfer claims on changing jobs. Now they do not have to depend on his or her employer for getting the UAN. The UAN remains the same throughout the life of a worker.

    The NSO report is based on the payroll data of new subscribers of various social security schemes run by the ESIC, retirement fund body EPFO and the Pension Fund Regulatory and Development Authority (PFRDA). It has been releasing the payroll data or new subscribers data of these three bodies since April 2018, covering a period starting from September 2017.

    FCI has appointed about two dozen local arrangers to help raise the money.

    EPFO is warning members via its website and social media handles regarding fake phone calls and is also advising them not to share personal details like PAN, Aadhaar, bank account or EPF account details like Universal Account Number (UAN).

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