EPFO likely to set up offices in Latin America, Africa soon: Report

In a bid to increase its presence outside India, the Employees' Provident Fund Organisation (EPFO) may soon set up consultancy offices in Latin America and Africa. According to a report by Economic Times (ET), the organisation may also rope in global experts. 

"By 2037, EPFO aims to have a strong presence and service centres in Asia and the Pacific followed by setting up consultancy offices in Latin America and Africa," an official was quoted as saying by ET. 

The official added that EPFO has prepared a detailed roadmap for the next two and a half decades for it to become a social security provider. The top-level officials at the EPFO have also approved the long-term vision and it will soon be discussed with the stakeholders. 

Also Read: EPFO to provide safer, more stable returns to those nearing retirement

The board of trustees of EPFO is headed by the union labour minister and has representatives of employees as well as employers. Any change in the current investment structure will have to be approved by the CBT. 

With the new offices in other continents, the organisation is aiming to help the smaller countries in the region to develop their own social security, much like India, ET added.

Moreover, EPFO is also looking to improve its functioning by hiring global experts. The organisation will work towards "transitioning" itself to a "leaner and flatter" organisation, the report said.