According to EPFO officials, the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) on Saturday approved a proposal that will expedite decision-making on investment opportunities.
In a meeting chaired by Labor and Employment Minister Bhupender Yadav, the CBT “empowered the Finance Investment and Audit Committee (FIAC) to decide on investment options on a case-by-case basis for investments across all such asset classes”. which are included in the pattern of investment notified by the Government of India”, the ministry said.
Labor and Employment Secretary Sunil Barthwal told Hindu Empowering the FIAC would mean “fast decision making so that good investment opportunities are not missed in the absence of a CBT meeting.”
A member of the CBT, KE Raghunathan, said the important decision “will give a higher rate of return”.
“The FIAC considered various risk factors and should not lose sight of it having adequate risk cover and good yields to recommend it as a good investment opportunity to mitigate such risks,” he added.
The CBT also approved the suggestion of the Minister to form four sub-committees on matters related to establishment, implementation of Social Security Code in future, digital capacity building and pension related issues.
When asked whether the rate of interest to be paid on PF deposits was discussed, Mr Barthwal said: “The rate of interest will be taken as usual in the February/March CBT meeting.”
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