Labour ministry proposes a central body to manage Rs 10 lakh crore EPFO corpus
The labour ministry has distributed a preliminary draft of Code on Social Security, 2019 which will amalgamate, streamline and rationalise the significant provisions of the current eight central labour laws and set up a central board of trustees to manage all three (provident fund, pension and insurance) schemes.
- Sep 19, 2019,
- Updated Sep 19, 2019 1:33 PM IST
The labour ministry has proposed to transfer the control of over Rs 10 lakh crore corpus of provident fund, pension and insurance schemes falling under the Employees' Provident Fund Organisation (EPFO) to a central body. The ministry has also proposed to have a central government-appointed chairman who will head the central body.
The proposed central board will include a chairman and a vice chairman designated by the central government, five central government representatives, 15 representatives from different state governments, 10 representatives of employers along with employees of companies to which the scheme shall be applicable.
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The labour ministry has proposed to transfer the control of over Rs 10 lakh crore corpus of provident fund, pension and insurance schemes falling under the Employees' Provident Fund Organisation (EPFO) to a central body. The ministry has also proposed to have a central government-appointed chairman who will head the central body.
The proposed central board will include a chairman and a vice chairman designated by the central government, five central government representatives, 15 representatives from different state governments, 10 representatives of employers along with employees of companies to which the scheme shall be applicable.
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