The Employees’ Provident Fund Organisation’s (EPFO) Central Board of Trustees has approved a redemption policy for its Exchange Traded Fund (ETF) units. At the board meet that took place on Monday, a go-ahead was given to redemption of ETF units bought during calendar year 2018 for booking capital gains to be included in the earnings for the calculation of the rate of interest for the current fiscal year.
It approved the extension of the tenure of ETF managers and portfolio managers until new managers are on boarded.
“The Board also approved the appointment of the new external concurrent auditor,” said a release by the Ministry of Labour and Employment.
Significantly, it also recommended to the government certain amendments to the Employees’ Pension Scheme (EPS).
It has recommended extending proportionate pensionary benefits to members who have been in the EPS for over 34 years by incorporating factors for “less than 35 years” to “less than 42 years”, extending withdrawal benefits to members even with less than six months of service, and enabling equitable transfer value calculation in cases of grant of exemption or on cancellation of exemption from EPS 95.
The CBT also approved the Information Security Policy of the EPFO, which “highlights various security controls required to be implemented within the organisation” and the 69th annual report on the functioning of the EPFO for the year 2021-22 and recommended it to the government for placing before Parliament.