The 189th meeting of the Central Board of Trustees, Employees’ Provident Fund (EPF), which was the seventh regular meeting of the present Board, was convened here today.
Among the 25 agenda items placed before the Board, it considered a statutory item to recommend rate of interest for the year 2010-2011 for crediting to the subscribers account and was deliberated in detail. However, the item was deferred.
The Board took two major policy decisions in the meeting. It recommended enhancement of the cash benefit payable to the family of EPF subscribers on their death in service from present maximum of Rs. 60,000 to Rs. 1.00 lakh.
It 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 in enjoyment of any social security benefits so far.
The Board also approved two items relating to the relaxation of investment guidelines in PSUs/Public Sector Banks, private sector bonds/securities within the permissible limits so as to augment the yield on investments.
The Board authorized the Chairman Shri Mallikarjun Kharge to constitute a Working group having member representatives from both the workers and the employers to recommend comprehensive amendments to EPF & MP Act 1952 and schemes framed thereunder along with detailed justification within the time frame of three months.
The Board paid deep condolences and mark of respect to Late Shri W.R. Varada Rajan a serving member of the Central Board of Trustees and employees’ representative in the Board who passed away on 11th February 2010 and appreciated his services to the Board. The Board also condoled the demise of Shri N. Kannan, a former member of the CBT and representative of the employers who passed away on 10th March 2010.
The above proceedings took place under the chairmanship of Shri Mallikarjun Kharge, the Union Minister of Labour and Employment and Chairman, CBT (EPF).