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EPFO approves re-constitution of three key committees

A decision to this effect was taken at the 223rd meeting of CBT chaired by labour minister Santosh Kumar Gangwar on Tuesday.

ET Bureau|
Dec 04, 2018, 07.25 PM IST
The CBT meet was chaired by labour minister Santosh Kumar Gangwar.
NEW DELHI: The newly-reconstituted central board of trustees (CBT) of the Employees Provident Fund Organisation have approved the re-constitution of three key committees.

A decision to this effect was taken at the 223rd meeting of the CBT, chaired by labour minister Santosh Kumar Gangwar on Tuesday.

Gangwar nominated members to the re-constituted committees that included the Finance, Investment and Audit Committee, the Pension & EDLI Implementation Committee and the Exempted Establishments Committee, labour ministry said in a statement.

The central government had reconstituted the CBT, EPFO under section 5A of Employees’ Provident Fund & Miscellaneous Provision Act, 1952 through a notification last month after the five-year tenure of the earlier board came to an end.

As per the notification, no member can continue on the board for more than two terms of five years each. This would mean all the old hands at EPFO would now make way for younger representatives of employees and employers.

According to the statement, the board also ratified the proposal of appointment of CRISIL consultant to assist the EPFO in selection and review of portfolio managers, while also extending the tenure of current portfolio managers upto March, 2019 or till appointment of new Portfolio Managers, whichever is earlier.

"The Central Board of Trustees, EPFO adopted the revised guidelines issued by the DoP&T in consultation with UPSC to shift the crucial date of eligibility to 1st January of the vacancy year and relevant years upto which APARs are to be considered for conducting Departmental Promotion Committee Meetings in relation to all cadres in EPFO," it added.

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