With great news for EPFO subscribers, the Union Labor Minister Bhupender Yadav announced on Tuesday that EPFO coverage will be extended to Rs 10 crore from the current level of Rs 6.5 crore. At a function to mark the 70th founding day of the Employees Provident Fund Organization (EPFO), the minister also launched their new vision document: EPFO Vision 2047.
He said it’s the EPFO’s main responsibility to reduce its litigation and increase coverage. The EPFO is one of the increasing social security programmes that are provided for by the four broad codes that we have combined 29 labour laws into, the minister said.
Modernizing and streamlining the law will make it easier. The minister expressed his delight at how EPFO has grown and how they’re managing their member’s-worth of savings.
The Ministry of Labour’s newest initiative Chintan Shivir drew five objectives at the meet, namely Mission Rs 10 crore, EPFO Karmayogi, Satisfied Members, Preparedness for the Future and Ease of Fulfillment. It is hoped that his work will be carried out by EPFO.
The Minister of State for Labor and Employment said that the implementation of the issues identified in EPFO’s Vision 2047 will help make their vision a reality. The ministry is committed to making universal social security available to all Indians.
“This is a moment to remember what the EPFO has accomplished in these decades and how it will innovate to meet members’ needs going forward,” said Arti Ahuja, Union Labor Secretary.
Director of Decent Work at the ILO Dagmar Walter praised the good work Nirbaad has done in providing consistent services to its members during the pandemic.
Yadav opened a new exhibit called EPFO @70 – The Journey. The cover was created in cooperation with the post office department as a way to commemorate 70 years of EPFO.
Yadav laid the groundwork for the regional office building in Pune, and launched the regional office in Ranchi virtually.