The government is proposing to bring the voluntary pension scheme for small traders and unorganised workers under the ambit of the Employees Provident Fund Organisation (EPFO) hoping to make the two schemes more attractive. Both have failed to draw significant subscribers several years after launch.
“We are looking at bringing the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) for unorganised workers and the National Pension Scheme NPS) for traders and self-employed persons under the administrative control of EPFO.
The discussions are currently underway on whether the EPFO need to float an entirely new scheme to extend its coverage to individuals or bring the two schemes within its fold, another official said. The move is also aimed at simplifying and making implementation of these schemes more effective.
“However, EPFO doesn’t have the experience of handling individual contributions without the intervention of an employer. Hence, the move will require a lot of preparations,” the second official added.
The Code on Social Security, 2020, allows the government to frame any other scheme or schemes for the purposes of providing social security benefits under this Code to self-employed workers or any other class of persons.
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