Centre considering creation of social security fund: Bandaru Dattatreya

Union Labour Minister Bandaru Dattatreya on Thursday said the Centre is considering creating a social security fund.

He also said the central government would start the registration process for the multi-facility 'Unorganised Workers Identification Number' (UWin) card, in the next one or two months.

File Image of Bandaru Dattatreya. PTI

File Image of Bandaru Dattatreya. PTI

"Going forward, if required, a social security fund will be created. The creation of a social security fund is under our consideration. A committee has already been set up for that," Dattatreya told reporters in Kolkata after inaugurating the new office building of the Employee's State Insurance Corporation.

He said the existing social security benefits like employees' provident fund, employees' state insurance are contributory in nature.

However elaborating on the UWin card, which is meant for covering unorganised labourers for giving social benefits to them, he said the Centre is aiming to cover 43 crore such labourers under the identity card scheme.

"We will be starting the registration of the UWin card in the next one or two months. It will be Aadhaar linked," Dattatreya said.

In the first phase, the Centre wants to cover 10 crore unorganised workers under the UWin card, the minister said, adding that state governments are required to participate in the scheme actively.

Speaking of the retirement fund body EPFO's investments in the stock market, he said the Centre has decided to invest 15 percent of its investible fund to exchange traded fund (ETF) in 2017-18.

Around Rs 23,000 crore of the Rs 1.5 lakh crore of investible funds of the Employee's Provident Fund Organisation (EPFO) will be invested in ETF in the current fiscal, the minister said.

"We have got 12.36 percent return (from investments in exchange traded fund) which is encouraging," he said.

"We have invested around Rs 22,000 crore in the ETF in 2016-17. Further, we will be investing another Rs 23,000 crore in 2017-18 which will come to Rs 45,000 crore by end of the current fiscal year," Union Ministry of Labour and Employment's secretary M Sathiyavathy added.

Updated Date: Jul 13, 2017 18:50 PM

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