EPFO proposes to set up offices and service centers in Latin America and Africa: Report
Contents News/Article Date: 12th September 2022
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952
Type: Top Government Official and Experts within the Department
Relevance of this news: Karma Global Consulting Solutions Pvt. Ltd is in the business of Payroll, Outsourcing, and Regulatory Compliances from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing On-boarding Management, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also entirely into labour compliances for nearly 18 years and is helping both establishments and workers the fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on a Pan India basis. Recently, it has diversified into foreign shores, into countries like the US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment, and governance.
Karma Management is fully into payroll processing for clients in USA and UK and follows the local rules and regulations for statutory policies of the country’s governance having a foreign flair for managing the statutory compliances over there, it will be an ideal setup for Karma to provide services to EPFO and local PF clients as and when they set up their offices in Latin America and Africa.
Subject:EPFO proposes to set up offices and service centers in Latin America and Africa: Report
For greater details, appended is the complete information
EPFO proposes to set up offices and service centers in Latin America and Africa: Report
By ET
EPFO is also looking to rope in global experts to help it become a leaner organization
The Employees’ Provident Fund Organisation (EPFO) is proposing to set up consultancy offices and service centers in Latin America and Africa as it seeks to expand its footprint outside the country.
It is also looking to rope in global experts to help it become a leaner organization, the report added.
The EPFO is looking to align itself with international benchmarks, a top government official said. A detailed roadmap has been drawn up for the next two-and-a-half decades to enable it to become a global social security provider, the official added.
“By 2037, EPFO aims to have a strong presence and service centers in Asia-Pacific followed by consultancy offices in Latin America and Africa,” the official said
The idea is to help smaller countries to develop their own social security for their workers, much on the lines of the Indian social security system, which has been successfully established over the last 70 years, the official added.
Reportedly, the long-term vision for EPFO has been approved at the top level and discussions will be held with stakeholders.
The EPFO’s central board of trustees (CBT) is the key decision-making body and any major revamp will require its approval. EPFO is headed by the labour minister and has representatives of employers as well as employees.
The report also said that EPFO will set up specialized pillars for each functional area with convergence at the top level to ensure macro-level synchronization of the policy vision.
Further, EPFO will work towards transitioning itself to a leaner and flatter organization and rope in subject experts from outside including global experts as it opens up to lateral hiring to help build up a globally-benchmarked expert system.
EPFO is one of the two main statutory social security bodies under the Ministry of Labour and Employment and is responsible for the regulation and management of provident funds in India.