“In terms of Section 15 of the Social Security Code 2020, the Central government, by notification, has to frame the following three schemes namely the Employees’ Provident Fund Scheme, Employees’ Pension Scheme and Employees’ Deposit Linked Insurance Scheme,” EPFO said in a notification.
“The draft of the above three schemes are, therefore, to be prepared and placed before the government for consideration,” it added.
According to the notification, the draft schemes should conform to the mandate and the contours of the Code.
Additional central provident fund commissioner Sanjay Kumar and Pankaj Raman will be the co-chairperson of the 11-member committee on Employees’ Provident Fund scheme, the notification said.
Rajiv Bhist, the additional central provident fund commissioner, will head the eight-member committee on the Employees’ Pension Scheme and additional central provident fund commissioner Vaishali Dayal will head the five-member committee on the Employees’ Deposit Linked Insurance Scheme, it added. Social Security Code, 2020 aims to amend and consolidate the existing labour laws relating to social security with the wider goal of extending social security benefits to all employees and workers, both in the organised as well as unorganised sector.This includes self-employed workers, home workers, wage workers, migrant workers, the workers in the unorganised sector and gig and platform workers who shall be eligible for social security schemes, including life insurance and disability insurance, health and maternity benefits, provident fund, among others.
The Code on Social Security ,2020 subsumes nine central labour laws including the Employees’ Compensation Act, 1923, The Employees’ State Insurance Act, 1948, The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959, The Maternity Benefit Act, 1961, The Payment of Gratuity Act, 1972, The Cine Workers Welfare Fund Act, 1981, The Building and Other Construction Workers Welfare Cess Act, 1996 and the Unorganised Workers’ Social Security Act 2008.