The Employees’ Provident Fund Organisation (EPFO) wants to broaden its product offering beyond provident funds and pensions to include healthcare, maternity, and disability benefits. According to officials, the organization has a lengthy history of providing fundamental social security entitlements, which qualifies it to manage a basic social protection floor (SPF).
While the International Labour Organization recommends that such guarantees are provided to all residents and children, as defined in national laws and regulations and subject to existing international obligations, the EPFO intends to initially target more than 450 million workers, 90% of whom are in the unorganized sector.
The idea of expanding its product line is still in the works and will be finalized in the coming months, with the EPFO stating the amount of contribution that will be required from both individuals and the government to deliver such advantages.
According to the EPFO, there is a large untapped potential for covering the informal sector, which has been included in the social security law, as well as those who are excluded from the formal sector due to the size of the firm and wage restrictions. EPFO will have the unique opportunity of designing and implementing creative solutions for our dynamic society. ILO Convention of 2022 states that national social protection floors must include citizens having access to essential healthcare, basic income, security for older and working-class individuals, maternity benefits, disability benefits, and unemployment benefits.