Employees' Provident Fund Organisation (EPFO) subscribers would be able to see ETF units in their PF accounts by March- end next year.
The Central board of Employees' Provident Fund Organisation (EPFO) held a meeting on Thursday under the chairmanship of Santosh Gangwar, Minister of state (independent charge) for Labour and Employment to take decisions on some key issues.
Out of the decisions that had ben taken in the meeting in New Delhi, one of the most relevant ones included the transfer of money to Provident Funds (PF) accounts using the national payment corporation of India (NPCI) which would enable faster transfer of money to its 4.5 crore members.
To elaborate the above mentioned change and other reforms that happened in the meeting further, following is the list of major decisions that the Central Board of EPFO took on Thursday:
1. The current decentralized system of EPFO for making payment to its beneficiaries involves higher cost of transactions, and involves delays in re credits in situations if any particular transaction fails or if a subscriber does not provide for AADHAAR enabled payments.
Therefore to avoid the same, EPFO proposed to move towards the Centralised Payment System using National Payments Corporation of India (NPCI) platform.
2. The central board of EPFO has started investing in equity traded funds (ETFs) from August 2015. Retirement fund body EPFO on Thursday approved a proposal for crediting exchange traded fund (ETF) units to provident fund accounts of its subscribers.
Employees' Provident Fund Organisation (EPFO) subscribers would be able to see ETF units in their PF accounts by March- end next year.
3. The Central Board also took note of the recent IT based initiatives of EPFO for better services to its stakeholders by introducing online request functionality to EPF Subscribers for correction in Name, DOB and Gender.
4. The Board also considered online Adhaar Verified UAN allotment to any citizen at Unifed Portal.
5. It also take into consideration the earlier requests from ineligible establishments for waiver of damages during the period May 20, 2017 to September 30, 2017 ,which were earlier rejected by EPFO.
EPFO is one of the World's largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present, it maintains more than 15 crore accounts pertaining to its members.
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