The Central Board of Trustees (CBT) meeting of Employees’ Provident Fund Organization (EPFO) is going to be held in Guwahati from Friday (today). In this two-day meeting, decisions are likely to be taken on several proposals including the interest of Provident Fund (PF) for the current financial year. Can decide to keep. According to reports, the interest rates, if cut, could be kept in the range of 8.35 to 8.45 per cent. At present, the beneficiaries are getting interest at the rate of 8.5 per cent on PF contribution.
A source close to CBT says that the impact on the stock markets due to the Russia-Ukraine war could affect earnings. In such a situation, the interest rates of PF can be kept stable for the financial year 2021-22. According to the source, a cut in interest rates can also be considered.
100 crore will be transferred to the Senior Citizens Fund
In this meeting, a proposal will also be presented to transfer Rs 100 crore from the unclaimed amount lying with the EPFO to the Senior Citizens Welfare Fund. According to the notification issued by the Finance Ministry in 2015, the unclaimed amount lying in EPF, PPF and other savings schemes should be transferred to the Senior Citizens Welfare Fund after seven years.
Possible proposals to be presented in the meeting
Redemption of Non-convertible Debentures (NCDs) of Air India after disinvestment
Exit policy and standard operating procedure (SOP) for underperforming securities
Rs 400 crore invested in third tranche of Bharat Bond ETF
Investment options under Category-II. Receipt of Capital Gains from Equity Investments
Central commissioner can get more powers
The Central Provident Fund Commissioner (CPFC) can get more powers in this meeting. This also includes the right to the option of early sale in case the securities purchased by the EPFO do not perform well. Experts say that quick decision-making powers should be given to the CPFC to exit the volatile market.