CHENNAI: The 222nd meeting of the Central Board of Trustees, EPF was held on Tuesday under the chairmanship of the Union Minister of State for Labour & Employment (Independent Charge), Santosh Kumar Gangwar in New Delhi, a statement from the Regional PF Commissioner-II, VS Kesava Rao said on Wednesday.
Some of the key decisions taken at the meeting included the Central Board considering to adopt the Consolidated Annual Accounts with Audit Report for 2016-17.
The Central Board also approved the proposal for insertion of Paragraph 68HH in the EPF scheme, 1952 that provisioned advance from the fund to a member who ceases to be in employment for a continuous period of not less than one month. Under this proposal, a member can avail 75 per cent of the total fund (including employee as well as employer share) standing to the member’s credit.
Further, the board noted that the investment of Rs 47,431 crore in Exchange Traded Funds (ETFs). It also approved the proposal to continue SBI Mutual Fund and UTI Mutual Fund as ETF Fund Managers for investment in ETF by EPFO for the tenure of one year, that is till June 30, 2019.