EPFO: Employees’ Provident Fund Organization (EPFO) is now eyeing its product expansion and may soon provide provident fund as well as health, pension, maternity, and disability or disability-related benefits to its members. Officials associated with this say that the organization has a long experience in the field of basic social protection and can become an ideal manager for the 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 initial 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 provide secure protection 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 being considered
Apart from the provident fund, EPFO is looking to make available some more social security-related products for its members. These can range from maternity benefits for women to helping disabled members. EPFO is also considering new dimensions for health benefits.
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Work on the idea may be completed in the next few months.
EPFO is currently in initial talks to extend this benefit to its about 45 crore members. Of these 4.5 crore members, 90 percent are in the unorganized sector and they are expected to benefit greatly from the introduction of this product. Concrete work on this idea can start in the next few months.
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