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breaking news Epfo empowers the advisory body Fiac to take over the investment in new instruments, such as invitations


The retirement fund manager of the Employee Provident Fund Organization (EPFO) decided on Saturday to empower its advisory body Audit and Financial Investments Committee (FIAC) to take a call on investing in new asset classes like InvITs. At present, the National Highway Authority of India (NHAI) and Power Grid Corporation (PGCIL) have created Public Sector Infrastructure Investment Trusts (InvIT). The EPFO ​​would also bet on public sector bonds.

The decision was made at the 229th meeting of the highest decision-making body of the Employee Provident Fund Organization – the Central Board of Trustees (CBT), headed by Union Labor Minister Bhupender Yadav.

During the meeting, it was also decided to set up four subcommittees, made up of members of the employee and employer board, as well as government representatives. The State Minister of Labor and Employment will head two committees on matters related to the establishment and future application of the Social Security Code.

The two remaining committees on digital capacity building and pension issues will be headed by the Union Secretary of Labor and Employment. The meeting also approved the draft 68th annual report on the operation of the EPFO ​​for the year 2020-21, with the recommendation to present it to Parliament.

Approval for the development of centralized IT-enabled systems was granted by C-DAC. Post this, field functionalities will be moved into a central database in a staggered manner, allowing for smoother operations and better service delivery, according to the statement. The centralized system will facilitate the deduplication and merging of all FP accounts of any member. It will also eliminate the account transfer requirement in the event of a job change.

With PTI inputs

(Edited by : Anshul)

First published: IST

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