×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

EPF amendments to pursue India’s social security pacts

EPF amendments to pursue India’s social security pacts
Comment E-mail Print Share
First Published: Thu, Nov 20 2008. 01 57 PM IST
Updated: Thu, Nov 20 2008. 01 57 PM IST
PTI
New Delhi: To bring into effect social security pacts signed by India with countries like France, Germany and Belgium, the government has initiated registration for “International workers” after amending the Employees Provident Fund Act.
The amendment in the Act will include Indian employees who are posted to these countries and foreign nationals working in India into the ambit of the Employees’ Provident Fund (EPF) scheme.
The modifications to the EPF scheme were brought to effect from 1 November, and so far about 30 Indian IT and Construction firms have completed necessary registration process of the International workers employed with them.
“The modifications to the scheme will benefit the Indian workers for availing their pension benefits right here in their country of origin. It will also allow for exportability of social security benefits accrued in these countries back to India,” an EPFO official told PTI here.
Since the social security pacts are on a reciprocity basis, citizens from France, Germany and Belgium would not be required to register themselves under the ‘International worker´ category and they can continue contributing to social security schemes in their country of origin.
However, there is yet some time before the social security pacts could be actually brought to effect.
Modifications to the Employees’ State Insurance Act are still awaited to ensure continuity in insurance term for Indian employees covered under similar schemes in foreign countries.
This figures as one of the major condition of the social security pacts with foreign nations.
Comment E-mail Print Share
First Published: Thu, Nov 20 2008. 01 57 PM IST