EPFO 3.0 Pension Scheme for Construction Workers Under Study
Why in the news
The retirement fund body is exploring a new pension option aimed at construction workers, linked to its upcoming reform phase.
Key facts
- Proposal: pension for construction workers.
- Funding idea: BoCW cess surplus.
- Context: EPFO 3.0.
Significance
- Could widen social-security coverage for construction workers.
- It would turn leftover cess collections into retirement income support.
Exam angle
- Body: EPFO.
- Cess involved: BoCW cess, meaning Building and Other Construction Workers cess.
- Reform label: EPFO 3.0.
- Likely question: which workers would the proposed pension serve? Construction workers.