Centre plans PPP model for managing workers' social security funds

At present, 50-60 million workers are covered under insurance schemes of Employees' State Insurance Corporation (ESIC) and provident and pension schemes of EPFO

The Centre,looking to provide social security cover to all workers, is considering a public-private partnership (PPP) model for managing the provident fund and insurance accounts of subscribers.

The provision is part of the latest draft of ‘labour code on social security 2018’, which provides universal social security to all workers.

At present, 50-60 million workers are covered under the insurance schemes of Employees’ State Insurance Corporation (ESIC) and provident and pension schemes of Employees’ Provident Fund Organisation (EPFO). The Centre plans to extend social security coverage to 500 million workers, under its code on social security, and plans to rope