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Retirement fund body Employees' Provident Fund Organisation (EPFO) has recently approved the proposal for the development of centralized IT-enabled systems by C-DAC.
Post completion, it will eliminate the requirement of transfer of PF accounts of members on account of change in jobs. As per sources, the centralized system will facilitate de‐duplication and merger of all PF accounts of any member. The field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery, EPFO said in a release.
Such decision was taken during the 229th meeting of the Central Board of Trustees (CBT), the apex decision-making body of EPFO, held on November 20.
The Board has also approved the suggestion of the Chairman for the constitution of four sub-committees, comprising members of the Board from employees, employers’ side as well as from representatives of the Government side.
As per the decision, two committees on Establishment related matters and futuristic implementation of Social Security Code will be headed by the Minister of State Labour and Employment. The remaining two committees on Digital capacity building and Pension related issues will be headed by Union Labour and Employment Secretary.
The Board has also decided to empower the Finance Investment & Audit Committee (FIAC) to decide upon the investment options, on case-to-case basis, for investment in all such asset classes which are included in the Pattern of Investment as notified by Government of India, EPFO said in a release.