EPFO formed 3 committees to frame Draft Schemes for PF, Pension and Insurance

The Employees Provident Fund Organisation (EPFO) has formed 3 committees to frame draft schemes for pension, provident fund and insurance under EPFO, in line with the provisions of the Code on Social Security 2020. 

The three schemes are:

• Employee’s Provident Fund Scheme (EPFS) for provident fund
• Employee’s Pension Scheme (EPS) for pension
• Employees Deposit Linked Insurance Scheme (EDLIS) for insurance

Note: 

• The government of India (GoI) has to frame these 3 schemes, in terms of the Section 15 of the Code on Social Security 2020.
• The draft of these 3 schemes will be prepared and placed before the Ministry of Labour & Employment (MOL&E), GoI for consideration.

Details of the Committees: 

Chanramauli Chakraborty, Additional Central provident fund Commissioner (ACC) (Headquarters-HQ) Legal, will be the overall co-ordinator for all three committees.

i.The committee for framing EPFS 2023 consists of 11 members which will be co-chaired by Sanjay Kumar, ACC (Patna, Bihar) and Pankaj Raman of ACC (HQ).

ii. The committee for framing EPS 2023 consists of 8 members which will be chaired by Rajiv Bhist, ACC (HQ).

iii. The committee for framing EDLIS 2023 consists of 5 members which will be chaired by Vaishali Dayal, ACC (Zonal Office, Hyderabad, Telangana).

Click here for the complete list of committee members

Key Points:

i. The draft schemes should conform to the mandate and the contours of the Code.

ii. The committee may engage in deliberation with the officers/experts within or outside EPFO in this process if required.

iii. The first draft on the 3 Schemes are expected to be submitted by the respective Committees to the Central Provident Fund Commissioner (CPFC), EPFO by June 23, 2023

What is Code on Social Security 2020?

i. Social Security Code, 2020 aims to amend and consolidate the existing labour laws relating to social security with the wider goal of extending social security benefits to all employees and workers irrespective of belonging to the organised as well as unorganised sector.

Note: This includes self-employed workers, home workers, wage workers, migrant workers, and gig (a job that lasts a specified period of time) and so on, who shall be eligible for social security schemes, including life insurance and disability insurance, health and maternity benefits, provident fund, among others.

ii. The Code on Social Security, 2020 provides measures to ensure access to health care and provision of income security to workers.

iii. It replaces nine laws related to social security, including:

• The Employees’ Compensation Act, 1923;
• The Employees’ State Insurance Act, 1948;
• The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952;
• The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959;
• The Maternity Benefit Act, 1961;
• The Payment of Gratuity Act, 1972;
• The Cine Workers Welfare Fund Act, 1981;
• The Building and Other Construction Workers Welfare Cess Act, 1996;
• The Unorganised Workers’ Social Security Act, 2008.

About Employees’ Provident Fund Organisation (EPFO):

The Employees’ Provident Fund Bill was introduced in the Parliament as Bill Number 15.

Established in– 1952
Organisation Executive– Neelam S Rao (CPFC in EPFO)
Headquarters– New Delhi, Delhi