Under EPFO, half of the provident fund amount of an employee remains invested and is disbursed in the form of a pension. Under CMPFO, on the other hand, the whole amount needs to be disbursed at one go at the time of retirement, making CMPFO a more expensive option for mining companies.
The move to replace the Coal Mines Provident Fund and Miscellaneous Provisions Act will affect a relatively small number of employees—running into their tens of thousands—given the fact that private coal mining in India is only a few years old.
With private players allowed in commercial coal mining only since 2020, the move is expected to bring in flexibility for private coal miners and lower the burden on CMPFO.
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