New Delhi: Indians working abroad can now exempt themselves from their host country’s social security scheme and get covered by retirement fund body EPFO, Central Provident Fund Commissioner (CPFC) V P Joy said on Friday.
An online facility to avail the benefit has been made functional, he said at a national seminar on ‘Fraud Risk Management-The New Initiatives’ here.
The scheme allows Indian employees the option of not being part of their host country’s social security scheme and saves employers from double social security contributions.
India has operational social security agreements with Belgium, Germany, Switzerland, France, Denmark, Republic of Korea, Grand Duchy of Luxembourg, Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan and Portugal.
EPFO is one of the largest social security providers in the world, covering 9.26 lakh establishments with more than 4.5 crore members. It provides pension to 60.32 lakh pensioners every month.