1st meeting of newly constituted Central Board of trustees of EPF

1st meeting of newly constituted Central Board of trustees of EPF held APPROVES REDUCTION OF THRESHOLD LIMIT FOR COVERAGE UNDER THE EPF & MP ACT 1952 -------------------------------------------------------------------------------- 16:17 IST The 183rd meeting of the Central Board of Trustees, EPF, which was the first meeting of the newly constituted Board, approved the reduction of threshold limit for coverage of establishment under the Employees’ Provident Fund & Miscellaneous Provisions Act (EPF & MP Act), 1952. With this, the threshold limit would be reduced from 50 to 20 in respect of cooperative institutions working with out any aid of power and from 20 to 10 in respect of other establishments. This is for the first time in 48 years that the threshold limit has been changed. The Meeting was held under the Chairmanship of the Minister of Labour and Employment, Shri Oscar Fernandes here today. The second Labour Commission and the Standing Committee on Labour had also recommended reducing the threshold limit in order to reduce the gap between coverage under EPF & MP Act, 1952 and the total workforce of the country. The social security benefits provided under the Employees State Insurance Corporation (ESIC) Act are already applicable to the establishments having employment of 10 or above. Therefore, approval of the EPF Board would bring the parity with ESI act with regard to coverage and would help in unifying social security efforts of the Government. It will also help channelising the registration of establishments and members of both ESIC and EPFO. On the issue of recommendation of rate of interest to be credited to EPF members’ accounts for the year 2008-09, the EPF Board decided to defer the item for the time being. The Board also approved the Policy for Obsolescence of Computer Hardware & Peripherals as recommended by Technical Committee. It also approved the delegation of financial powers to the executive committee. Besides this, the new Executive Committee and other sub-committees of Central Board of Trustees were constituted as per the procedure laid down.

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