The Central Board of Employees’ Provident Fund Organization (EPFO) has unanimously approved a small portion of the annual deposits in Infrastructure Investment Trusts (InvIT).
InvIT allows owners of infrastructure assets to monetize them and act like investment trusts to ensure a regular return on investment.
According to official sources, the decision to invest a portion of the annual deposit in InvIT was made at EPFO’s Central Board of Directors on Saturday (November 20).
The Board decides to empower the Financial Investment Audit Committee (FIAC) to determine investment options on a case-by-case basis for investments in all asset classes included in the investment pattern notified by the Government. Did. A statement issued by the Ministry of Labor after the meeting said.
He also gave permission to set up four subcommittees. These include panels on establishment-related issues, future implementation of social security codes, digital capacity building, and pension-related issues.
During the meeting, the board also approved the development of a centralized IT-enabled system with C-DAC. The field function then moves over the central database in stages, enabling smoother operation and enhanced service delivery.
A centralized system facilitates deduplication and integration of all Provident Fund accounts of members. There is no requirement for fund transfer when changing jobs.