EPFO lowers interest rate on PF deposits to 8.5 pc for 2019-20

EPFO’s Central Board of Trustees Approves Re-constitution of 3 key Committees

  • The Central Government has reconstituted the Central Board of Trustees (CBT), EPFO under section 5A of Employees’ Provident Fund & Miscellaneous Provision Act, 1952, after the five-year tenure of the earlier board came to an end. 
  • As per the guidelines for the new board, no member can continue on the board for more than two terms of five years each, to make way for younger representatives of employees and employers. 
  • The newly-reconstituted central board of trustees (CBT) of the Employees Provident Fund Organisation have approved the re-constitution of three key committees. These are:
    • Finance, Investment and Audit Committee (FIAC)
    • Pension & EDLI Implementation Committee (PEIC)
    • Exempted Establishments Committee (EEC)
  • All the three committees will have central government representatives as well as two representatives each of the employers and the employees and domain experts. 
  • FIAC – Oversee investments made by portfolio managers and ensure timely investment of PF kitty for optimum returns.
  • PEIC – Review the function of the Employees’ Pension Scheme, 1995 and the Employees Deposit Linked Insurance Scheme, 1976 as well as consider amendments to the existing schemes. 
  • EEC – Oversee the working of exempted establishments and move suggestions for CBT for improvement in the working of these exempted establishments. 

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