The central board of the Employee Provident Fund Organisation (EPFO) may, at its upcoming meeting on July 8, explore the possibility of framing a universal pension scheme for those not yet covered by the retirement fund, reported Business Line.
A separate scheme that would provide PF and pension benefits for gig and platform workers is also likely to be taken up for discussions at the meeting to be held in Bengaluru, sources said. The Labour Codes passed by Parliament in 2020 had committed that the government would come up with a social security scheme for gig workers.
An internal committee of the EPFO had made a case for the introduction of a universal pension scheme in view of the call given by Prime Minister Narendra Modi on having a universal social security scheme to cater to those not covered under the Employee Pension Scheme, 1995.
While there has been a demand for increasing the monthly pension payout under EPS 1995, the EPFO is currently finding it difficult to provide the minimum pension of ₹3,000 per month.
Under EPF, an employee pays 12 per cent of his basic wage and some allowances as statutory EPF deduction. A matching amount is given by the employer and about 8.33 per cent of this 12 per cent employer share goes to EPS.