Labour Minster assures transparency in the Management of EPFO Corpus

The 194th meeting of the Central Board of Trustees, EPF, which was the eleventh regular meeting of the present Board, was convened last week.

The Board deliberated upon a proposal for further extension of the selection process of the new fund managers for a period of two months effective from 01.07.2011. The Board also stipulated that the Employees™ Provident Fund Organisation EPFO would finalize the selection of fund managers before the expiry of the extended period. Till such time the State Bank of India would continue as fund manager of EPFO corpus.

The Board also approved a proposal for appointment of custodian of securities of EPFO. This measure was taken to separate the custodial services separate from the Fund managers to bring further transparency in the management of EPFO corpus.

The Board also decided to refer the Report of the Working Group on Comprehensive Amendment to the Employees Provident Funds & Miscellaneous Provisions Act, 1952 to the Ministry of Labour & Employment for further examination.

The above decisions were taken under the Chairmanship of Shri Mallikarjun Kharge, the Union Minister of Labour and Employment and Chairman, CBT (EPF). Shri P.C. Chaturvedi Secretary (Labour & Employment) and Vice-Chairman of the CBT, EPF was also present in the meeting.