EPFO: The Employee Provident Fund Organization (EPFO) is now eyeing its product expansion and may soon provide provident fund as well as benefits related to health, pension, maternity and disability or disability to its members. Officials associated with this say that the organization has a long experience in the field of basic social security and can become a perfect manager for Basic Social Protection Floor (SPF).
Discussion is still in early stages
According to a report in Economic Times, this news has come to the fore and it has been told that preliminary discussions are going on on the proposal regarding the product expansion of EPFO. SPF is a nationally defined set of basic social security guarantees that secure protections intended to prevent or reduce poverty, vulnerability and social exclusion. In addition, it also includes facts about access to essential health care and basic income security.
What proposals are you considering
Apart from the provident fund, the EPFO is eyeing to provide some more products related to social security for its members. In these, many products can come from maternity benefits for women to assistance to disabled members. EPFO is also considering new dimensions for health benefits.
Work on the idea may be completed in the next few months
EPFO is currently in initial talks to bring these benefits to its around 4.5 crore members. Out of these 4.5 crore members, 90 percent are in the unorganized sector and they are expected to get a lot of benefits from the introduction of this product. Concrete work on this idea can start in the next few months.
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