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Revised social security code on cards

Labour ministry has come up with a revised social security code with the intention of simplifying and rationalizing the germane provisions of the existing 8 central labour laws by establishing a social security board in the country. It will encompass 2 schemes: The Employees’ Provident Fund Organisation and the Employees’ State Insurance Corporation. It also envisages the creation of dedicated funds for PF, pension and insurance that shall vest in, and be administered by, the central board in such manner as may be specified in the respective schemes.

Overall, the idea behind the draft code is to provide a comprehensive social security system that will cater to the retirement, health, old-age, disability, unemployment and maternity related needs of 50 crore workers in the country.