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Heading Abroad? You Can Still Contribute To Your EPF A/c
Through the EPFO's COC initiative, employees posted abroad for job purpose can still continue to contribute in their EPFO account and be free from making double contribution for social security in twin nations with countries the pension fund body has tie-ups with.
Also, through the procedure, subscribers of EPF will be able to recoup the advantage of totalisation period and get the security or pension amount as and when and in whatever way desired.
EPFO for the purpose of COC has tie-ups with these nations
EPFO has agreement with foreign countries including Belgium, Germany, Switzerland, Grand Duchy of Luxembourg, France, Denmark, Republic of Korea, Netherlands, Hungary, Finland, Sweden, Czech Republic, Norway, Austria, Canada, Australia, Japan and Portugal.
What is COC or Certificate of Coverage/ Detachment certificate?
Social security schemes are extended worldwide similar to EPFO's PF account for employees and the contribution has to be made in whichever country we live in and work as per the terms laid down by that particular nation. But, in case an employee works for short-term in a foreign land, he or she is eligible to enjoy the benefits of this security scheme.
And this can be done by opting out or claiming exemption from the social security scheme of the foreign nation, And this is possible as long as the employee continues to contribute towards the account maintained in Indian EPF account. For this, you need to obtain the COC certificate from the EPFO.
Simply stating, you have been givena work assignment for say Amsterdam, in Netherlands and through the issued COC, you can claim exemption from the security scheme norms of Netherlands and instead continue with your contribution in EPF.
With the COC certificate, you now have the liberty to continue reaping the benefits of EPF and not remit social contribution in the foreign land during your short term work stay.
EPFO via its Twitter account on Monday said, "Service for online generation of Certificate of Coverage (CoC) has been introduced for the outgoing Indian International Worker."For online generation of COC, you must visit this website - https://iwu.epfindia.gov.in/iwu/
