Employees' provident fund to modernise operations
17 May 2010
The central board of trustees of the Employees' Provident Fund Organisations (EPFO) has approved a Rs96 crore allocation for implementation of the first phase of the 'modernisation project' of the organisation.
The EPFO is implementing the modernisation project in collaboration with the National Informatics Centre (NIC).
The first phase of the 'modernisation project' has already been implemented in 28 offices of EPFO. It is planned to implement it in the remaining 92 offices of EPFO in the current financial year, ie, 2010-11.
The EPF functions under the policies framed by its central board of trustees, a tripartite body headed by union minister for labour, who is its chairman. The chief executive officer of the organisation is the Central Provident Fund Commissioner, who is also a member of the board and its secretary.
The EPF is the largest pension fund authority in India with 47.07 million members and total pension funds under management of Rs2,77,861.58 crore as of FY2009.
The EPFO board of trustees at its last meeting, held on 9 April 2010, recommended enhancement of the cash benefit payable to the family of EPF subscribers on their death in service from the present maximum of Rs60,000 to Rs100,000.
The board also recommended extension of coverage under the EPF Act to contract workers employed by various municipal committees and corporations throughout the country which were not enjoying any social security benefits so far.
The board also deliberated on the rate of interest to be credited to the subscribers' account for the year 2010-2011 in detail, but deferred a decision.