Central Board of Trustees
Employees' Provident Fund, India
Shri Oscar Fernandes
Hon'ble Minister of Labour and Employment
Government of India
Hon'ble Minister of State of Labour and Employment
Government of India
Smt. Gauri Kumar
Secretary to the Govt. of India
Ministry of Labour and Employment
Central Board of Trustees
The Central Board of Trustees, EPF is a statutory body constituted by the Central Government under the provisions of section 5A of the Employees' Provident Funds and Miscellaneous Provisions Act,1952 (Act 19 of 1952).
It is a tripartite body administering the three Schemes namely,
- Employees Provident Fund Scheme,1952
- Employees Pension Scheme,1995 (it replaced Employees Family Pension Scheme,1971)
- Employees Deposit Linked Insurance Scheme,1976
framed under the Act. At present, Hon'ble Minister of Labour & Employment, Government of India is the Chairman of the Board.
The tenure of the Board is five years.
The constitution of the Board as per section 5A of the Act is as under:
|2||Vice Chairman||u/s 5A(1)(a)|
|3||Central Provident Fund Commissioner,
|3||Central Government representatives||5||u/s 5A(1)(b)|
|4||State Governments representatives||15||u/s 5A(1)(c)|
|5||Employers' representatives||10||u/s 5A(1)(d)|
|6||Employees' representatives||10||u/s 5A(1)(e)|
Address of members of Central Board of Trustees
Main functions of the Board are :-
- Administration of the funds created and vested with the Board and performing other works incidental thereto.
- Delegation of Administrative & Financial powers as it may deem necessary for efficient administration of the Schemes.
- Appointment of officers and staff.
- Maintenance of accounts of Income & Expenditure in prescribed form and manner.
- Submission of Audited Accounts (with comments of CAG) and Annual Report on performance of the Organisation to the Government.
Sub-Committees of the Central Board of Trustees
I. Finance & Investment Committee
The main functions of the Committee are to:
- Oversee the investment being done by the Fund Managers of EPFO.
- Watch timely investment of trust money with a view to realise the optimum returns.
- Issue such directions, as may be considered necessary, to the portfolio managers in regard to investment/re-investment of redemption proceeds, interest etc. within the investment pattern stipulated by Government from time to time.
- Recommend suggestions and changes in investment guidelines to the CBT.
- Recommend rate of interest to be credited to the accounts of PF members, to the Central Board of Trustees (EPF).
II. Committee on Exempted Establishments
The functions of this Sub-Committee of the Central Board of Trustees are to:
- Oversee the working of the exempted establishments.
- Make suggestions to improve working of the exempted establishments for consideration of the Board.
- Consider and suggest additional guidelines for grant of exemption/relaxation.
III. Pension Implementation Committee
The main functions of the Committee are:
- To review the functioning of the Employees' Pension Scheme, 1995 including computerization in the Organization and disbursement of pension; and
- To consider the suggestions/proposals for amendment/improvement in the Scheme.
IV. Committee on Implementation of IT Reforms
The functions of the Sub-Committee are:
- To suggest, evaluate and recommend for adoption appropriate information technology, communications technology, business process automation technology, office automation technology and other technology related options and models in line with the business needs and objectives of the Organization.
- To technically evaluate recommendations made by the consultants of the "Reinventing Employees' Provident Fund, India" Project and others in terms of the sizing of the requirements proposed, adequacy of the specifications of hardware, software and net work solution.
- To technically evaluate and make recommendations of the hardware, software and network performance measurement tools/ analysis and benchmarks.
- Technical approval of Tender Documents related to acquisition/implementation of technology solutions.
- To advise and give recommendations on other technical issues of relevance to the Organization.
- To carry out techno-commercial evaluations of technology options.
The Executive Committee is a statutory Committee, which is constituted from amongst the members of the Central Board of Trustees by the Central Government under Section 5AA of the Act.
Its purpose is to assist the Central Board of Trustees, EPF in the discharge of its functions relating to administrative matters.
The term of the Committee is two year and six months
At present Secretary to the Govt. of India, Ministry of Labour & Employment is the Chairman of the Executive Committee, CBT (EPF).
As per section 5AA, the constitution of the Committee is as under :-
|2||Central Government representatives||2||u/s 5A(1)(b)|
|3||State Governments representatives||3||u/s 5A(1)(c)|
|4||Employees' representatives||3||u/s 5A(1)(d)|
|5||Employers' representatives||3||u/s 5A(1)(e)|
|6||Central Provident Fund Commissioner,
Address of members of Executive Committee
The main functions of the Executive Committee are:
- Opening of Sub-Regional Offices/Sub-Accounts Offices.
- Approval of the purchase of land and estimates for constructing Office buildings and Staff quarters.
- Creation of Group 'A' posts.
- Creation of new regions/up-gradation of existing regions.
- Hiring of office buildings on monthly rent exceeding Rs. 50,000/-.
- Consideration of the investment policy and making appropriate recommendations to the Board on liberalization of investment pattern.
- Specifying work norms for Staff and Officers of the Organisation.
- Framing/amending of the rules relating to method of recruitment, pay and allowances and other conditions of service of the Officers and Staff of the Employees' Provident Fund Organisation.
Sub-Committees of Executive Committee
Building & Construction Committee
This Sub-Committee of the Executive Committee has been set up to:
- Examine the proposals for acquiring/purchase of land and building/construction referred to the Executive Committee.
- Examine the proposals for acquiring land/building/construction including their technical feasibility, financial viability and drawings etc., which require consideration of the Executive Committee, other than those proposals involving acquiring of land/building/construction from or through the Central or State Public Sector Undertakings.
The Regional Committees (Employees' Provident Fund) for the States are constituted under the provisions of Para 4 of Employees' Provident Fund Scheme - 1952.
The Chairman,Central Board of Trustees (Employees' Provident Fund) is the competent authority to constitute/reconstitute the Regional Committee(EPF) for the states under Para 4 of the Employees' Provident Fund Scheme - 1952.
The term of each Regional Committee is three years from the date of notification in the Official Gazette
|1||Chairman||1||Under Para 4 (1) (a)|
|2||State Governments representatives||2||Under Para 4 (1) (b)|
|3||Employers' representatives||2||Under Para 4 (1) (c)|
|4||Employees' representatives||2||Under Para 4 (1) (d)|
|5||Non Official members of CBT ordinarily resident in the state||Under Para 4 (1) (e)|
Functions:- The Employees' Provident Fund Scheme provides for constitution of Regional Committees for each State to advise the Central Board of Trustees on matters connected with the administration of the Scheme in the State and in particular:-
- Progress of recovery of provident fund contributions and other charges,
- Expeditious disposal of prosecution cases,
- Speedy settlement of claims,
- Issue of Annual Accounts slips to members of the Fund; and
- Speedy sanction of advances