Employees’ Provident Fund Organisation has notified three new committees on Finance, Investment and Audit Committee (FIAC), the Pension and EDLI Implementation Committee (PEIC) and the Exempted Establishments’ Committee (EEC). All the 3 committees will continue to have central government representatives as well as 2 representatives each of the employers and the employees and domain experts.
While the FIAC will oversee investments made by portfolio managers and ensure timely investment of PF kitty for optimum returns, PEIC will review the function of the Employees’ Pension Scheme, 1995 and the Employees Deposit Linked Insurance Scheme, 1976. The EEC will oversee the working of exempted establishments and move suggestions for CBT for improvement in the working of these exempted establishments.
Source: The Economic Times