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EPFO empowers advisory body FIAC to take call on investment in new instruments like InvITs – CNBCTV18

Retirement fund manager Employees Provident Fund Organisation (EPFO) on Saturday decided to empower its advisory body Finance Investment and Audit Committee (FIAC) to take a call on investing in new asset classes like InvITs. At present, the National Highways Authority of India (NHAI) and Power Grid Corporation (PGCIL) have launched public sector infrastructure investment trusts (InvITs). The EPFO would also go for public sector bonds.

The decision was taken at the 229th meeting of the Employees’ Provident Fund Organisation’s apex decision making body — Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav.

During the meeting, it was also decided to constitute four sub-committees, comprising members of the board from employees’ and employers’ side as well as representatives of the government. Two committees on establishment related matters and futuristic implementation of Social Security Code will be headed by the Minister of State Labour and Employment.

The remaining two committees on digital capacity building and pension related issues will be headed by the Union Labour and Employment Secretary. The draft 68th annual report on the functioning of the EPFO for the year 2020-21 was also approved in the meeting, with the recommendation to place it before Parliament.

Approval was accorded for development of centralised IT-enabled systems by C-DAC. Post this, the field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery, the statement said. The centralised system will facilitate de-duplication and merger of all PF accounts of any member. It will also remove the requirement of transfer of account on change of job.

With PTI inputs

(Edited by : Anshul)

First Published:  IST