The Employees' Provident Fund Organisation (EPFO) is proposing to set up consultancy offices and service centres in Latin America and Africa as it seeks to expand footprint outside the country, The Economic Times reported.
It is also looking to rope in global experts to help it become a leaner organisation, the report added.
The EPFO is looking to align itself with international benchmarks, a top government official told ET. A detailed roadmap has been drawn up for the next two-and-a-half decades to enable it to become a global social security provider, the official added.
"By 2037, EPFO aims to have a strong presence and service centres in Asia-Pacific followed by consultancy offices in Latin America and Africa," the official told ET.
The idea is to help smaller countries to develop their own social security for their workers, much on the lines of the Indian social security system, which has been successfully established over the last 70 years, the official added.
Also Read | EPFO backs raising retirement age to ease pressure on pension funds: Report
Reportedly, the long-term vision for EPFO has been approved at the top level and discussions will be held with stakeholders.
The EPFO's central board of trustees (CBT) is the key decision-making body and any major revamp will require its approval. EPFO is headed by the labour minister and has representatives of employers as well as employees.
The report also said that EPFO will set up specialised pillars for each functional area with convergence at the top level to ensure macro level synchronisation of policy vision.
Further, EPFO will work towards transitioning itself to a leaner and flatter organisation and rope in subject experts from outside including global experts as it opens up to lateral hiring to help build up a globally-benchmarked expert system.
EPFO is one of the two main statutory social security bodies under the ministry of labour and employment and is responsible for regulation and management of provident funds in India.
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