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.