Union Labour Minister Bhupender Yadav on Tuesday said retirement fund body EPFO's coverage will be expanded to 10 crore subscribers from the existing level of 6.5 crore.
At a function to mark the 70th foundation day of the Employees Provident Fund Organisation (EPFO), Yadav said, "EPFO social security schemes ambit will be expanded. It will be increased from 6.5 crore subscribers to 10 crore."
He also launched the EPFO Vision 2047 document.
According to him, it is the biggest responsibility of the EPFO to reduce its litigations and increase coverage.
"We have subsumed 29 labour laws into four broad codes. These codes provide for expansion of social security schemes, including EPFO," the minister said.
This rationalisation and simplification of laws will minimize litigations and bring in ease of doing business.
The minister expressed happiness over the way EPFO has grown in the years gone by and the way it is managing its huge corpus of savings of the members.
As per a statement issued by the labour ministry, the five objectives of Chintan Shivir namely Mission 10 crore, ease of compliance, EPFO Karmayogi, Satisfied members and Preparing for the future have been identified as mission areas for work to be taken up by EPFO.
Minister of State for Labour and Employment Rameswar Teli said implementation of issues identified in the EPFO Vision 2047 will help the organisation fulfil the vision of universalisation of social security in the country.
Union Labour Secretary Arti Ahuja state that this is an occasion to look back on what EPFO have achieved in the decades gone by and from here on how EPFO would innovate and deliver on the rising expectation of its members.
Dagmar Walter, Director at ILO Decent Work, lauded the good work done by the organisation during the pandemic and its efforts towards providing Nirbaad services to its members.
Yadav inaugurated an exhibition named 'EPFO @70 – The journey'. A special cover commemorating 70 years of the organisation was released in collaboration with the Department of Post.
Yadav also laid the foundation stone of the regional office building in Pune and inaugurated the regional office building in Ranchi in virtual mode.