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Road Map for GROWTH
Road Map Benefits to Employers Human Resource
Market Share & Growth Benefits to the Organisation Physical facilities
Benefits to Subscribers IT Reform Early Payoffs
MARKET SHARE & GROWTH
 
The EPF is the industry leader in the Provident Fund & Pension business. However it has a very small percentage of 'market share'. Today, the vast majority of workers in the informal sector have little or no income support for old-age. The new economy has created jobs in the informal sector but there is increasing stagnation in the formal sector. The reach of EPF in the informal or service sector is insignificant and it is this sector which is targeted for growth in any plan that seeks to expand membership.

The EPF have been internally articulating this concern and have crafted a plan that seeks to strategically re-position EPF as the key agency for the management of social security programs in the country.

 
FOUNDATION FOR GROWTH
 

The EPF recognizes that the key to growth and strategic repositioning is significantly increasing the confidence and comfort level of existing subscriber members on the one hand and the creation of a facilitating compliance environment on the other. Only a much higher comfort level amongst clients will lead to 'buy in' into the programs and the desired growth.

 
SPAN OF BUSINESS
 

Currently the EPF delivers service to over 24 million subscriber members from its 260 geographical locations across the country. These are benefits in the nature of income replacement on account of superannuation. disability, job loss or death. Three programmes that presently provide such income replacement are the Employees’ Provident Fund Scheme, 1952, the Employees’ Deposit-Linked Insurance Scheme, 1976 and the Employees' Pension Scheme, 1995.

During the financial year 1999-2000, the business of the EPF Organisation included gaining compliance from 3.27 lakhs businesses in order to credit the accounts of 24.5 million subscribers. 39.04 lakh claims were settled against which Rs.5.571.36 crores were disbursed to members through separate cheques. Additionally the EPF Organisation issued 30.7 million annual statement of accounts to its members and paid monthly pension to 7.37 lakh pensioners.

 
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