The EPF Central Board of Trustees (CBT) today met under the chairmanship of Labour and Employment Minister Bhupender Yadav and decided to form four committees on the implementation of the Social Security Code and building digital capacity.
Two of the committees will be headed by the Minister of State for Labour and Employment Rameswar Teli. They will deal with establishment related matters and implementation of the Social Security Code.
The other two committees will be headed by Labour and Employment Secretary Sunil Barthwal. They will deal with building digital capacity and pension related issues.
A spokesman said the CBT’s 229th meeting decided that the committees will have CBT members representing employees, employers, as well as, representatives of the Government.
In a significant decision, the EPFO’s Finance Investment & Audit Committee (FIAC) has been empowered to decide upon investment options, on a case-to-case basis, for investing EPF money in all such asset classes which are included in the Pattern of Investment notified by the Government of India.
The draft 68th annual report on the functioning of the EPFO for the year 2020-21 was also approved by the meeting, with the recommendation to place it before the Parliament, through the Central Government.
Approval was accorded for development of centralized IT-enabled systems by C-DAC. The centralized system will facilitate de‐duplication and merger of all EPF accounts of any employee-member. It will remove the requirement of transfer of account on change of job.
During the meeting, Yadav released a booklet titled ‘Response to Covid – 2.0.’ The booklet is an effort to encapsulate the preparedness of EPFO to innovate and deliver uninterrupted services to its stakeholders during the Covid-19 pandemic.
The CBT meet was attended by representatives of employers, employees and senior officers of the Central Government and State governments.