The Centre has decided to appoint a private fund manager to manage the proposed social security scheme fund for the informal sector, to be launched on January 23.
Disclosing this in Kolkata, additional central PF commissioner A Viswanathan said that the private fund manager would be selected in line with the modalities laid down for the Centre's new pension scheme for the unorganised sector.
The new scheme was aimed at providing social security to the unorganised sector workers, earning less than Rs 6,500 per month.
As per the scheme, named as the Unorganised Sector Security Scheme, a monthly pension of Rs 500 would be offered to the worker on his retirement, permanent or temporary disability or to the widow of a worker.
The worker's contribution to the proposed pension fund would be Rs 50 annually while the employer and the Centre each would contribute Rs 100 per annum.
Viswanathan said each of the workers brought under the scheme would be allotted a unique social security number for the benefit of the benefactor and the fund manager.
Meanwhile, the Centre has appointed Siemens for developing end-to-end solutions for the existing EPF scheme.
Siemens would deploy their systems in six centres and run it for next one year before handing it over to the EPFO.
"It will take another two-three years to make the whole EPF system online," he said.