Employees' Provident Fund Organisation
Ministry of Labour & Employment
Government of India

Tuesday, February 15, 2011
     
 

192nd CBT MEETING 15.02.2011


The 192nd meeting of the Central Board of Trustees, EPF, which was the ninth regular meeting of the present Board, was convened here today.   

2.       The Board adopted the Audited Annual Accounts the organisation for the year 2009-2010. 

3.       The Board reviewed its decision taken in the last meeting to not to make further investments in LIC HF Ltd.  The Board decided that the investments may be continued in LIC HF Ltd. in view of the fact that LIC is a large public sector unit, and it has been confirmed by the Finance Ministry and the credit rating agencies, that its finances are sound.

4.       The Board deliberated on the investment pattern to be followed by EPFO in view of the letter from the Ministry of Finance received recently. After deliberations and detailed discussions, the CBT decided to act with proper prudence and responsibility to ensure that the capital invested by the members was safe.  The members reiterated that safety of capital was more important than return on capital and therefore decided to continue with the present pattern of investment.

5.       The Board also discussed the letter from the Ministry of Finance regarding non-approval of 9.5% interest from 2010-11 recommended by the CBT on 15.09.2010.  A letter has already been sent by the Labour Ministry to the Finance reiterating that the calculation made  were correct, and that since no Government money was involved, and the Organisation has certified that there will be no over-withdrawal from the ISA, the CBT stood by its decision of recommending 9.5% interest.

6.       The Board also took note of the progress report of the ongoing Computerisation programme.  The following were the major highlights of the progress made:-

Computerisation:

(a) 116 offices have been computerized as on 15.02.2011.   These offices have implemented the new application software to settle member claims, etc.  Remaining 4 offices would be completed by February 2011.

(b) 92.68% subscribers and 95.96% establishments would be served through the new application software by these offices throughout the country.

Improvements in service:

(c) For faster credit of refund to members’ bank accounts, CBS and NEFT facility has been introduced.

(d) SMS alerts have been made operational for sending status of refund. Members can now check their claim status online through our EPFO website.

(e) Process of transfer of PF account automated through NEFT dispensing the cheque mode transfer done earlier. This would speed up transfer of accounts electronically to benefit members.

The above decisions were taken under the chairmanship of Shri Mallikarjun Kharge, the Union Minister of Labour and Employment and Chairman, CBT (EPF). 

7.       The Board also approved the amendments to be made in the EPF Scheme, 1952, Employees Pension Scheme, 1995 and the EDLI Scheme, 1976 to enable filing of mandatory returns by the employers in electronic form since EPFO has provided for uploading facility its computer system.  This would improve the services and compliance functions in EPF offices.