Now Withdraw PF From ATM: Labour Secretary

The Employees’ Provident Fund Organisation now has more than 70 million active contributors, making it one of the most important players in India’s social security system. Labour Secretary Inderjit Dawra said the government is continuously working to enhance EPFO services and ease access to make it easier to live for contributors.

Relatedly, a plan to extend social security benefits to gig and platform workers is in an advanced stage. “A comprehensive scheme has been outlined and is in the final stages of finalisation,” Dawra said, though she didn’t provide a specific timeline for it. The benefits might include medical insurance, provident funds, and financial support on grounds of disability.

A dedicated committee consisting of representatives from diverse stakeholders is working on the formulation of a framework for delivery of these benefits. This has been preceded by the first legal recognition of the contribution of gig and platform workers through the inclusion of provisions in the Code on Social Security, 2020. The Code also contains provisions related to their welfare and social security, factoring in their increasing contribution to the labor market.

Another promising update shared by the Labour Secretary regarding unemployment trends revealed the unemployment rate has dramatically reduced to 3.2% in 2023 from 6% in 2017. She also mentioned, “The Labour Force Participation Rate is on the rise, and the Worker Participation Ratio has reached 58%, reflecting a growing and actively employed workforce.”

This multi-faceted approach underscores the government’s commitment to addressing employment challenges and extending the safety net to all segments of the workforce, including those in emerging sectors like the gig econompy.

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