Building a Wider
Horizon With Labour
A Parliamentary panel has recommended amendments in social security schemes run by retirement fund body EPFO to include unemployment insurance and gratuity benefits. At present, the Employees Provident Fund Organisation provides retirement fund (EPF), pension and group insurance under its three schemes. These schemes are Employees Provident Fund Scheme 1952, Employees Pension Scheme 1995 and Employees Deposit Linked Insurance Scheme 1976. The Public Accounts Committee in its report tabled in Parliament today said, "The scheme should be reviewed/modified so as to include unemployment insurance and gratuity under the scheme." However, the Labour Ministry in its response to the panel said that unemployment insurance is not under the present EDLI Scheme in which insurance is linked to the deposits and thus it is not feasible at this juncture.
