Govt proposes to corporatise EPFO, ESIC; appointment of CEOs

New Delhi: In a bid to corporatise social security agencies, the government on Wednesday released a draft code that seeks to revamp the structure of EPFO and ESIC, which would get CEOs for the first time.

The draft provides for a change in the constitution of Employee Provident Fund Organisation (EPFO) and Employees State Insurance Corporation (ESIC), saying the two bodies would be "body corporate".

At present, EPFO and ESIC work more like autonomous bodies run by trustees and board, respectively under the administrative control of Ministry of Labour & Employment. Both bodies were created by an Act of Parliament.