Strengthening Social Security: Capacity Building in Actuarial Governance for EPFO
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The Pandit Deendayal Upadhyaya National Academy of Social Security (PDUNASS) has partnered with the ILO to enhance actuarial expertise within the EPFO, ensuring robust management of social security schemes under the Code on Social Security, 2020.
The Pandit Deendayal Upadhyaya National Academy of Social Security (PDUNASS), in a strategic collaboration with the International Labour Organization (ILO), has launched a specialized training initiative focused on actuarial governance. This program is designed to bolster the internal capacity of the Employees' Provident Fund Organisation (EPFO) to manage complex social security schemes with greater precision and long-term sustainability.
Actuarial governance is the backbone of any social security system. It involves the application of mathematical and statistical methods to assess risks, determine funding requirements, and ensure the financial viability of pension and insurance schemes. As India transitions toward the implementation of the Code on Social Security, 2020, the need for a data-driven, actuarially sound approach has become paramount. The Code aims to consolidate and simplify various labor laws, extending social security coverage to gig workers, platform workers, and the unorganized sector. However, expanding the net of beneficiaries requires sophisticated financial modeling to ensure that the corpus remains solvent and capable of meeting future liabilities.
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