How EPFO is Helping Indians for purpose of “Ease of Doing Overseas Business”

If you are an Indian and you have someone working in Brazil, you can be the bearer of the good news. But what’s the good news?

The good news is that Indians working in Brazil will soon enough be covered by the social security cover. This initiative is taken under the supervision of the UEFO retirement body.

The discussion is in its final stages. As far s the concern goes, the initiative taken is heading in a positive direction. If everything goes as planned, Brazil will be the 19th country where Indians will have an option to opt out from the social security services. This will make the Indian residents a good and liable majority that holds the key to utilize the facilities that EPFO (Employee Provident Fund Organisation) will be providing.

Some of the countries that already possess a positive attribute in these factors are Belgium, Germany, Switzerland, France, Denmark, Republic of Korea, Grand Duchy of Luxembourg, the Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan, and Portugal. While most of the countries are already certified, Brazil is yet to get the authentication. As mentioned earlier, the process is in its final stage and the response Is most likely to be positive.

With Brazil being in the family, it will just be another awesome addition to the collection. Not only will it benefit the Indians in their social rights but also the country in finding more productive employees. Workers from India can opt out to be an exclusion in the host country’s social security scheme.

With this plan coming into action, it is likely to be one of the most beneficial attributes in the favor of the Indians living in Brazil.

For a person to get enrolled in this scheme, all that he needs to do is to visit the website and fill the CoC form. CoC stands for certificate of coverage and once the verification of the details is over, it is only a matter of time before the enrollment begins.

The Central Provident Fund Commissioner, V P Joy in his speech said, “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”. It can clearly be underlined that working in different countries from now on will not only be supported by the local government but also the government of that country. This is a clear statement of the new age of industrial revolution that’s going to hit us in the few coming years.

But before concluding, we must know what EPFO is. The EPFO considered as the top social security providers there is in the entire world With a coverage 9.26 lakh establishments and  4.5 crores members associated with it, this is a huge firm that has established itself in the social service market. A number of  60.32 lakh pensioners take a pension from this group every month.

EPFO making overseas business easy for Indian peoples and that’s also one of the reason in India’s ranking in ease of doing business. According to World’s Bank Ease of doing business ranking report, India is on 100th position out of 190 countries. EPFO or Govt of India is doing great work in this area and we could hope more better position in coming years. #FingersCrosssed

What do you think, How many years India will take to come in Top 50 position of World’s ease of doing business ranking report and what could be the role of EPFO in this ranking criteria?

 

About Hemant Tilotia 13 Articles

I am an ex banker, an engineer by education and I love blogging, trading domain names and am a blockchain enthusiast.

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