EPFO aims to gain strong presence in Africa and Latin America: Report
The long term vision for the organisation has been approved at the top level and discussions will be held with all the stakeholders
Representational image. Official website
The Employees’ Provident Fund Organisation (EPFO) is seeking to expand its presence outside India. According to an Economic Times report, the organisation is looking to align itself with international benchmarks and proposing to set up service centres and consultancy offices in Latin America and Africa. A top government official told the media outlet, “By 2037, EPFO aims to have a strong presence and service centres in Asia and the Pacific followed by setting up consultancy offices in Latin America and Africa.” He also added that a detailed plan for the next two-and-a-half decades has been drawn up to enable the EPFO to become a global social security provider.
According to the report, the EPFO will set up specialised pillars for each area, with convergence at the top level to ensure that a macro-level synchronisation of policy takes place. It will also work towards revamping into a leaner organisation. According to the plan, the organisation is expected to rope in subject experts as it opens up to lateral hiring and aims to build up a globally-benchmarked expert system.
The expansion of the EPFO will also aid other countries build up their social security systems for their workers on the lines of the Indian system, according to the official. The long term vision for the organisation has been approved at the top level and discussions will be held with all the stakeholders.
Any decision to revamp the EPFO must be approved by its central board of trustees, which includes the labour minister, as well as representatives of both employees and employers.
In further news, the EPFO is planning to raise the retirement age in India to align it with the country’s life expectancy and ensure that the pension system remains viable. India is expected to become an aging society by 2047 according to some estimates and this could put a lot of pressure on the pension funds system.
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