Thursday, November 23, 2017

Central Board of EPFO @ 219th Meeting | 23rd November 2017 | Chairmanship - Union Minister of Labour & Employment Shri Santosh Kumar Gangwar



Central Board of EPFO @ 219th Meeting | 23rd November 2017 | Chairmanship - Union Minister of Labour & Employment Shri Santosh Kumar Gangwar
The 219th meeting of the Central Board of Employees’ Provident Fund Organisation (EPFO) held in New Delhi yesterday under the chairmanship of Union Minister of labour & Employment Shri Santosh Kumar Gangwar.
Following where are the key decisions of the Board:-
·         The Central Board started investing in Equity Exchange-Traded Funds (ETFs) from August 2015.

·         Present decentralized system of EPFO for making payment to its beneficiaries involves higher cost of transactions, delays in recredits in case of failed transaction and does not provide for AADHAAR enabled payments.  Hence, EPFO proposed to move towards the Centralised Payment System using National Payments Corporation of India (NPCI) platform. 

The benefits of the proposed system are:-

·         Funds will be transferred on the same day to the beneficiaries through NPCI platform.

·         Office may reconcile the transaction status on T+0 basis.  This will result in early recredit in the accounts of beneficiaries in the case of failed transactions.

·         Availability of the facility of AADHAAR enabled transfer of funds.

·         Transaction cost by way of bank charges will also come down.
·         The Board gave in-principle approval for the same.

Recent IT based initiatives of EPFO for better services to its stakeholders:-

·         Online Adhaar Verified UAN allotment to any citizen at Unifed Portal

·         Introduction of Online request functionality to EPF Subscribers for correction in Name, DoB and Gender: 

EPFO is committed to strengthen the e-governance system to bring more transparency and to provide better services to its stakeholders. EPFO has already launched a number of e-governance initiatives such as Electronic Challan-cum-Return, Member  e-passbook, payment through National Electronic Fund Transfer, Online Registration of Establishments, Mobile governance, Online receipt of claims, Auto transfer of Accounts etc. 

Source | www.pib.nic.in

Regards

Pralhad Jadhav  

Senior Manager @ Knowledge Repository  
Khaitan & Co 


     
Twitter Handle | @Pralhad161978

No comments:

Post a Comment