EPFO is set to be an affiliate member of ISSA and gain worldwide recognition
Contents News/Article Date: 13th June 2023
Relating to which Act: The Employees Provident Funds & Miscellaneous Provisions Act, 1952;
Penalty under the Act: Whoever, for the purpose of avoiding any payment to be made by himself under this Act [the Scheme, the [Pension] Scheme] or the Insurance Scheme] or of enabling any other person to avoid such payment knowingly makes or causes to be made any false statement or false representation shall be punishable with imprisonment for a term which may extend to one year, or with fine of five thousand rupees, or with both].
Applicable to which State: All the States and Establishments to be covered by these Acts
Type: Adda 247 news report
Pertains to: PF registered establishments and members
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And in the current instance: The Employees’ Provident Fund Organisation (EPFO) is set to upgrade its membership status with the International Social Security Association (ISSA) from associate member to affiliate member. This will enable the EPFO to gain access to professional guidelines, expert knowledge, services, and support for its pension subscribers.
Subject: EPFO is set to be an affiliate member of ISSA and gain worldwide recognition
Appended is the complete news item
EPFO is set to be an affiliate member of ISSA and gain worldwide recognition
Source: Adda 247
The Employees’ Provident Fund Organisation (EPFO) is set to upgrade its membership status with the International Social Security Association (ISSA) from associate member to affiliate member.
EPFO is set to be an affiliate member of ISSA and gain worldwide recognition
The Employees’ Provident Fund Organisation (EPFO) is set to upgrade its membership status with the International Social Security Association (ISSA) from associate member to affiliate member. This will enable the EPFO to gain access to professional guidelines, expert knowledge, services, and support for its pension subscribers.
EPFO is set to be an affiliate member of ISSA: Key Points
- The retirement fund body, EPFO, has received approval from its central board of trustees to upgrade its membership status with ISSA from associate member to affiliate member.
- However, the annual membership fees will increase significantly from ₹10.34 lakh to ₹2.14 crore based on the number of pension subscribers.
- According to the minutes of the CBT meeting held in March, only the Coal Mines Provident Fund Organisation from India is currently an ISSA affiliate member.
What benefits will EPFO have after becoming a member of ISSA?
- The EPFO will gain international recognition, by becoming an affiliate member of ISSA.
- As a full administrative social security institution, as well as the ability to support candidates for ISSA leadership positions, become a member of its steering committee, and host regional meetings.
- However, affiliate membership comes at a cost of ₹2.14 crore compared to ₹10.34 lakh for associate membership.
- The EPFO has a corpus of over ₹12 lakh crore and a net subscriber base of 60 million.