The Sectoral Monitoring Committee on Foreign Employment and Labor focused on the contribution of informal sector employees to the Employees Provident Fund (EPF).
About 60% of the people are employed in the informal sector of the service sector.
The Committee also emphasized that their social security can be increased by contributing to the Employees’ Provident Fund.
It was revealed in the committee that currently about 80,000 organizations that pay employee provident funds are registered with the Department of Labour.
Accordingly, the Chairman of the Committee pointed out that the number of companies is not sufficient and instructed the Department of Labor to prepare a proper system to identify all the companies that are not registered for the payment of EPF.
The matter was discussed when the Sectoral Oversight Committee on Foreign Employment and Labor met in Parliament recently (16).
The officials of the Labor Department said that the initial steps have been taken to digitize the Labor Department.
Here, the Department of Labor pointed out that it is problematic for the Central Bank’s Monetary Board to take all the decisions of the Employees’ Provident Fund.
Accordingly, the officials emphasized to the Committee the importance of having a representation of the Department of Labor in the Monetary Board of the Central Bank.
It was revealed that due to the differences between the methods of the Department of Labor and the Central Bank, the members have to face some problems in getting the provident funds.
It was also discussed in the committee that some method should be prepared to enter their information correctly during membership.
