EPFO to set up specialised corporate offices for large firms

The first such SCO will be set at Employees' Provident Fund Organisation's at Bandra office in Mumbai.

 

Retirement fund body EPFO has decided to create paper less specialised corporate offices (SCO), which would provide prompt services to large firms and their employees.

The first such SCO will be set at Employees' Provident Fund Organisation's (EPFO) at Bandra office in Mumbai. The SCO at Bandra will be made operational from November 1.

"It has been decided to create a SCO. The SCO shall be created as a specialised offices by carving out from existing large offices to cater to large establishments. This aimed at creating exemplary offices with high efficiency levels and prompt delivery of benefits..The offices shall work on the concept of paperless office," an EPFO office order said.

According to the order, these SCOs will be located in the regional office premises. EPFO has over 120 field offices across the country.

The order stated that the civil structure of the SCOs shall be such that it creates a brand value. These SCOs would be run with a dedicated work force that would function at high levels of efficiency.

The purpose for creation of SCO is to provide exemplary and quick service to a large chunk of EPFO subscribers employed in few selected firms.

The firms to be covered by the SCOs would be selected by a team of officers consisting of Regional Provident Fund Commissioner-I, Regional PF Commissioner (F&A) and Regional Provident Fund Commissioner (Administration).

As an incentive, the SCO shall have special allocation of budget towards honorarium, hiring of adequate number of vehicles, stationary, computer peripherals, outsourcing of support staff, upkeep and maintenance of office and likes.

However as per the order, the recovery and compliance function for the establishment shall continue to remain with the EPFO office of which the SCO remains a part.

The order says that the regional provident fund commissioner of the region, however, may transfer compliance and recovery functions if the the intent of the creation of SCO is not served in want of such function.

EPFO has over five crore subscribers. It manages around Rs six lakh crore corpus and receives incremental deposits of over Rs 70,000 crore per annum.