Parliamentary panel to examine the functioning of EPFO

A parliamentary panel will examine the functioning of retirement fund body Employees Provident Fund Organisation (EPFO), its coverage and recovery of arrears. The parliamentary standing committee on labour has also decided to review the implementation of labour laws, social security and welfare scheme for workers.
The panel will be headed by BJP MP Kirit Somaiya and has selected a wide range of subjects related to labourers, including the International Labour Organisation conventions binding on India and the measures taken by the government to implement them, said a bulletin issued by the Lok Sabha secretariat.
It will also look into the working conditions and welfare of mine workers, and review the working of Directorate General of Mines Safety.
Earlier, the panel had suggested that the EPFO should act as the sole regulator for all categories of provident funds, particularly private PF trusts.
It is convinced that a strong regulatory system should be in place for all PF trusts.
At present, the EPFO is not the sole PF organisation or regulator in the country. The provident fund of private establishments/organisation/PSUs largely come under the EPFO purview.
The parliamentary panel had also asked the Ministry of Labour and Employment to collect, with regard to the total number of PF trusts under the PF Act, 1925, information about the number of subscribers and total contribution from subscribers, so that any unclaimed amount lying in these trusts can be identified or utilised for the benefit of its subscribers, the bulletin added.
Source: Money Control