EPFO set to be ISSA affiliate member, get global recognition

The Employees' Provident Fund Organisation will soon gain access to professional guidelines, expert knowledge, services and support from the International Social Security Association (ISSA) for its pension subscribers while gaining international recognition as a full administrative social security institution.

The move comes after the central board of trustees of EPFO gave its go ahead to the retirement fund body to change its membership status with ISSA from associate member since 1962 to affiliate member now.

This, however, comes at a cost as the annual membership fees for an affiliate member, based on the number of pension subscribers of EPFO, will be ₹2.14 crore compared with ₹10.34 lakh for an associate member, show the minutes of the CBT meeting of EPFO held in the last week of March.

From India, only the Coal Mines Provident Fund Organisation is an ISSA affiliate member.

The government is of the view that EPFO has the capacity to play leading role among global institutions providing social security. It's one of the largest social security organisations having among the largest number of beneficiaries of the social security schemes administered by the government.

"With the approval of CBT for a higher payout on ISSA membership, EPFO will play a greater role at the global platform of social security, commensurate with the size and stature of EPFO as an organisation," a senior government official said. With this membership upgradation, retirement fund body will be entitled to the right to vote in the General Assembly, said the official.

Besides, it will be able to support candidates for ISSA leadership positions, get international recognition as a full administrative institution in social security while becoming a member of its steering committee and hosting regional meetings, the official added.

The EPFO currently has a corpus of over ₹12 lakh crore and a net subscriber base of 60 million.