Tuesday, September 30, 2025
spot_img

Govt to put VPS for small traders and unorganized workers under EPFO

spot_img
- Advertisement -

Govt to put VPS for small traders and unorganized workers under EPFO

The Centre is likely to announce a voluntary pension scheme for small traders and the unorganized sector under the Employees Provident Fund Organisation (EPFO) to make both ‘more attractive’.

An official told The Economic Times that the labour ministry is considering bringing the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) for unorganised workers and the National Pension Scheme (NPS) for traders and self-employed under EPFO control.

Moneycontrol could not independently verify the report.

The move comes as both schemes have so far failed to generate widespread interest from target groups, years into their launch. The aim is also to simplify implementation and make these schemes effective, the report added.

Another official said discussions are centred on whether the EPFO will take over existing schemes or float completely new scheme(s). This official noted that EPFO has no experience handling individual contributors without employer intervention, which means the move will “require a lot of preparations.”Any development is likely to be carried out under the Code on Social Security, 2020 – as per which the Centre can frame schemes for providing social security benefits to self-employed workers or any other class of persons, it added.

Subscribe to our Daily Newsletter!

End Note-This story has not been edited by SightsIn Plus, published from a wire agency feed without modifications to the text. Source-monycontrol

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Tata’s partnership with NVIDIA to upskill 6 lakh TCS employees

NVIDIA announced an extensive collaboration with Tata Group to...

Women in Labour Market – 2022

Women are unique leaders. They bring a balance of...

Wipro to adopt flexible workplace amid rising Covid cases

An Indian multinational corporation, Wipro is adopting flexible workplaces...

In Conversation with Shraddhanjali Rao on HR Technology

In an exclusive conversation with SightsIn Plus, Shraddhanjali Rao,...

Accenture gets Andrew J.P. Levy as Chief Corporate & Government Affairs Officer

A global professional services company and IT major, Accenture has...

COVID-19: MHA extends Guidelines for Surveillance, Containment, and Caution

COVID-19: MHA extends Guidelines for Surveillance, Containment, and Caution The...

CEO salaries at 3-year high in FY22: Survey

According to the 2022 Deloitte India Executive Remuneration Survey, the average pay...

TaskUs Abruptly Terminates 300 Employees Amid Fraud Allegations

Indore-based TaskUs, a leading business process outsourcing (BPO) and...

Related Articles

SightsIn Plus
SightsIn Plushttps://sightsinplus.com/
SightsIn Plus is an India’s leading high-quality people-focused monthly HR Magazine and provides up-to-date HR News, Leadership Announcements, Best HR Practices and Insights by Global CHROs, CEOs, HR Advisors, Business Managers and HR Heads on topics of interest to HR professionals. To subscribe SightsIn Plus, HR Magazine please visit- https://sightsinplus.com/subscribe/