New Delhi, Nov 20 (UNI) The Central Board of Trustees (CBT), the apex decision-making body of EPFO, on Saturday empowered its Finance Investment and Audit Committee (FIAC) to decide upon the investment options, on a case-to-case basis,.



The investment would be in all such asset classes which are included in the pattern of investment as notified by the government, an official statement said.



The Board, in its 229th meeting, also approved the constitution of four sub-committees, comprising members of the Board from employees, employers’ side as well as from representatives of the Government side.



Two committees on Establishment-related matters and futuristic implementation of Social Security Code will be headed by the Minister of State for 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 EPFO for the year 2020-21 was approved, with the recommendation to place it before Parliament, through the Central Government.



Approval was accorded for the 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 centralised system will facilitate de‐duplication and merger of all provident fund accounts of any member. It will also remove the requirement of transfer of account on change of job, it added.

UNI AKM RJ