EPFO to Provide Coverage For Indians Working Abroad
The retirement fund body has entered into an agreement with 18 countries.
Indians working abroad can now get covered by retirement fund body Employees’ Provident Fund Organisation (EFPO), Central Provident Fund Commissioner (CPFC) VP Joy announced. Indians can now opt out of the security schemes in the country they are working in, which saves them from being part of double social security contributions.
An online facility has been launched for people working abroad to avail this initiative, Joy said at a national seminar on Fraud Risk Management-The New Initiatives organized in New Delhi on Nov. 3. EPFO, now in agreement with 18 countries, requires a one page application form to be filled by the employee. The form is available on the EPFO website.
“We have made the whole process employee friendly. Employees going abroad to work can get a certificate of coverage (CoC). They can apply for the CoC online and can get it too,” Joy told PTI.
“The scheme is of great help for Indian workers going overseas for a limited period of time. The biggest benefit they get from opting for the CoC is that their money is not blocked for a long time in the host country,” he added.
The operational social security agreements have been made with Belgium, Germany, Switzerland, France, Denmark, Republic of Korea, Grand Duchy of Luxembourg, the Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan and Portugal.
EPFO, being one of the largest social security providers in the world, covers 9.26 lakh establishments with more than 4.5 crore members. It issues pension to 60.32 lakh persons every month.