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EPFO new scheme covers Indians working abroad: CPFC

In a new notification issued by the EPFO (Employees Provident Fund Organization) states that now Indians residing in abroad (NRIs) are not required to enrol themselves in social security schemes offered by the country they are working in, as EPFO have decided to cover NRIs (Non – residence of Indians) in retirement fund body, says Central Provident Fund Commissioner (CPFC), VP Joy.

He further said “An online facility to avail the benefit has been made functional” at a national seminar on ‘Fraud Risk Management – The New Initiative.

This scheme offers the Indian employees who are working abroad of not being part of their host country’s social security schemes and saves employers from double social security contributions.

EPFO that manages the money in employees’ provident Fund account have managed to be contract with 18 other countries regarding the same.

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

To avail this benefit, NRIs are required to fill a simple one – page application form which is available on the EPFO’s official website.

He further explained the benefits of the scheme saying

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

The social security agreements India has with countries are with Belgium, Germany, Switzerland, France, Denmark, Republic of Korea, Grand Duchy of Luxembourg, Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan and Portugal.

EPF scheme is to provide retirement savings for employees across India, which is administered by the Central Board of Trustees and the board is further assisted by the Employees’ Provident Fund Organization (EPFO).

To know more about Employees’ Provident Fund you can also read https://rupeenomics.com/epf-eps-edli-explained/

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