EPFO CBT MEETING KEY DECISION: The 230th meeting of Central Board of Trustees (CBT), apex decision-making body of EPFO, was held today under the chairmanship of Shri Bhupender Yadav, Union Minister for Labour & Employment,

Labour & Employment Minister Bhupender Yadav twee on 230th CBT Meeting: Heartening to note the 4 ad-hoc committees constituted after the last CBT meeting on HR, IT, Coverage and Related Litigation and on Pension Reforms have collectively met 18 times and suggested certain key pathways.

EPFO will announce this year’s rate of interest tomorrow.

EPFO is mulling a new pension product for organised sector workers who are getting basic wages of more than Rs 15,000 per month and are not mandatorily covered under its Employees' Pension Scheme 1995 (EPS-95).

At present, all those employees in the organised sector whose basic wage (basic pay plus dearness allowance) is up to Rs 15,000 per month at the time of joining service are mandatorily covered under EPS-95.

The board approved the recommendations of the Adhoc IT and communications to augment the infrastructure, applications, build capacity, carry out business processes engineering and setting up governance apparatus.

The board approved the recommendations of the Adhoc committee on pension reforms to constitute the task force of experts in the field the pension and social security to suggest possible measures to enhance the benefits from the EPS-95.  This task force will include members from PFRDA, LIC, VVGNLI, two independent actuaries, chief investment officers of some reputed investment firms/mutual fund houses, financial or any other expert.