EPFO formed 3 committees to frame Draft Schemes for PF, Pension and Insurance

Current Context: EPFO stands for Employees’ Provident Fund Organisation, which is a retirement fund body under the Ministry of Labour and Employment, Government of India. EPFO has formed three committees to frame draft schemes for pension, provident fund and insurance under the retirement fund body, in line with the provisions of the Social Security Code, 2020.

• The Social Security Code, 2020 aims to amend and consolidate the existing labour laws relating to social security and extend social security benefits to all employees and workers irrespective of belonging to the organised as well as unorganised sector. The three schemes are:
• Employee’s Provident Fund Scheme (EPFS) for provident fund
• Employee’s Pension Scheme (EPS) for pension
• Employees Deposit Linked Insurance Scheme (EDLIS) for insurance
• The committees are expected to submit the draft schemes to EPFO by June 23, 2023. The draft schemes should conform to the mandate and the contours of the Code.
• The committees may engage in deliberation with the officers/experts within or outside EPFO in this process if required. The government of India will consider the draft schemes after they are submitted by EPFO.

Question:

Q.1 How many committees has EPFO formed to frame draft schemes for pension, provident fund and insurance?
a. One
b. Two
c. Four
d. Three