227th CBT Meeting of EPFO: The 227th meeting of the Central Board of Trustees (CBT) attached to EPFO was held on Wednesday under the chairmanship of Santosh Kumar Gangwar, Minister of State for Labour and Employment, and Hiralal Samaria, Vice-Chairman, Secretary. The meeting was likely to discuss issues related to EPFO account holders, EPS 95 pension. Let us know what happened in the 227 meeting of the Central Board of Trustees (CBT).
Following are the highlights of the Central Board Meeting (227th CBT Meeting of EPFO):
Shri Gangwar, through video conferencing, has been given desktop/public in semi-judicial cases under the EPF and MP Act, 1952. Laptop/Laptop Introduced virtual hearing feature through compatible and secure IT applications with mobile phones.
The Central Board has approved the revision of para 22 (3) of the deposit linked insurance scheme, 1976 of the employees so as to increase the present maximum assured benefit from 6 lakh to Rs. 7 lakhs. The amendment will provide additional relief to the families and dependents of the members covered under the scheme in case of unfortunate death of the serving employees.
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Keeping in view the exceptional circumstances arising out of the Covid-19, the agenda relating to interest rate was reviewed by the Central Board and it has recommended the central government to keep the same rate of 8.50 per cent. This will include 8.15 per cent from ETF sales and loan income and the remaining 0.35 per cent (capital gains) by December 31, 2020.
Proposal to amend EPS-95 scheme to bring defined contribution pension scheme in place of current defined benefit scheme (like NPS applicable to government employees who joined after 1.01.2004). But the decision was deferred for the next meeting in December.
The Central Board has taken note of the recent IT initiatives and the preparation of a future roadmap for making EPFO a paperless organization. The board members appreciated that EPFO is using the latest practices and technology and is reaping benefits using the existing initiatives of other government departments and effectively utilizing its in-house capabilities for internal services.
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