The labour ministry plans to drop its proposal to corporatise the Employees’ Provident Fund Organisation (EPFO) and instead dust off its earlier proposal to set up a body headed by the Prime Minister to oversee the social security of nearly 500 million workers. The move comes after it was pulled up by the Prime Minister’s Office.
“We may revert to the earlier proposal of bringing everything under a unified umbrella body to be headed by the PM,” a senior government official told ET on condition of anonymity.
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The ministry’s proposal to corporatise the EPFO had faced severe criticism from labour unions. In its latest draft code on social security released in September, it had proposed a corporate structure, to be headed by a CEO, to manage the provident fund and pension as well as medical insurance for workers.
Source: Economic Times
