{"id":5219,"date":"2019-08-23T07:53:15","date_gmt":"2019-08-23T07:53:15","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=5219"},"modified":"2019-08-23T07:53:16","modified_gmt":"2019-08-23T07:53:16","slug":"225th-meeting-of-cbt-held-at-hyderabad","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/225th-meeting-of-cbt-held-at-hyderabad\/","title":{"rendered":"225th Meeting OF CBT Held at Hyderabad"},"content":{"rendered":"\n

225th Meeting of the Central Board of Trustees (CBT) is held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees’ Pension Scheme (<\/strong>EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakhs pensioners. This was a long pending demand of the pensioners.<\/p>\n\n\n\n

Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\n

The Minister of State (I\/C) for Labour and\nEmployment Shri Santosh Kumar Gangwar who is also Chairman CBT, while\naddressing the CBT expressed satisfaction that Employees’ Provident Fund Organisation (EPFO) is\nsettling more than 91 % claims of EPF members in online mode and lauded the\nefforts made to improve services for settlement of claims of family of deceased\nmembers and  EPF call centre function 24 by 7. <\/p>\n\n\n\n

He also appreciated the good governance strategy\nadopted by EPFO in saving of Rs.22 crores p.a. due to negotiating reduced OD\ncharges increased FD interest and waiver of collection charges by SBI and\nfurther savings of Rs.50 lakhs p.a. due to reduction in collection charges by\nthree banks and achievement of highest yield (8.55%) by Portfolio Managers\nsince July 2015.<\/p>\n\n\n\n

The Minister released the educative booklet on\nseasonal employees regarding special provision in EPS\u20191995 regarding\neligibility of seasonal employees for pension. The contents of booklet brings\nout the Scheme provision that contributory service in any year, even if\ncontributory period is less than a year is treated as full year of eligible\nservice for seasonal employee and this will help dispel doubts in minds of\nmembers\/employers.<\/p>\n\n\n\n

The Chairman CBT also launched the revamped\nEPFIGMS 2.0 version which will benefit more than 5 crores subscribers and lakhs\nof employers by speedy and smooth resolution of grievances. <\/p>\n\n\n\n

The Board approved the proposal for Selection and\nPerformance Evaluation of next Custodian by the new Consultant which will be\nappointed on the basis of Report of Five Members\u2019 Committee constituted by the\nCBT for the purpose. <\/p>\n\n\n\n

In the matter of coupon default of IL&FS Ltd,\nthe Board nominated three officers of Investment Division of EPFO to attend the\nDebenture \u2013 Holders\u2019 Meeting that may be held in future and if need be, vote on\nbehalf of the Central Board, EPF.<\/p>\n\n\n\n

Selection of ETF Manufacturers<\/strong>:\nThe Board approved the decision to choose the Exchange Traded Fund (ETF) manufacturers through public bidding\nby 30\/10\/2019, extension of the term of the present ETF manufacturers (SBI MF\nand UTI MF) till then and also to authorized the Finance Investment & Audit Committee (FIAC) to\nconduct the exercise of choosing ETF manufacturers. <\/p>\n\n\n\n

Allocation of investment in Nifty 50 and\nSensex: <\/strong>The Board approved the proposal that the fund allocation\nbetween Nifty 50 and Sensex ETFs be divided evenly, i.e. in the ratio of 50% to\n50%. <\/p>\n\n\n\n

Appointment of a Consultant in addition\nto M\/s. CRISIL Ltd: <\/strong>The Board approved the nomination of members from\nemployer\u2019s and employee side in a Committee constituted to select and appoint a\nseparate Agency\/Consultant in addition to M\/s. CRISIL limited, inter-alia to\nreview the working of the Portfolio Managers (PMs), assist the investment\nCommittee in redemption of ETFs, etc. <\/p>\n\n\n\n

Appointment of Portfolio Managers for\nmanaging funds of Central Board, EPF<\/strong>: The Central Board approved\nRequest for Proposal (RFP) document for appointment of Portfolio Managers and\nrecommendation of the FIAC on appointment of Portfolio Managers.<\/p>\n\n\n\n

Exercise of early redemption options\navailable in DHFL Bonds: <\/strong>The Board approved for early redemption\noption in DHFL bonds recommended by FIAC.  <\/p>\n\n\n\n

Consent for Transfer of Non- Convertible\nDebentures (NCDs) of GSPC to GSIL: <\/strong>EPFO has total investment of\nRs.2300 Cr in GSPC NCDs. The Board approved the transfer of NCDs of GSPC to\nGSIL, a wholly owned subsidiary of Govt. of Gujarat and a better rated company\nwhich had made an offer to take over debt of GSPC with budgetary support of\nGovernment of Gujarat <\/p>\n\n\n\n

Legal Entity Identifier Code (LEI) for\nparticipation in non- derivative markets by EPFO: <\/strong>In Nov\u201918, the\nReserve Bank Of India (RBI) issued advisory to all eligible market participants\nin the Financial Markets to obtain LEI Code. The Board approved the nomination\nof the EPFO Officers as the authorized Officials to obtain LEI Code.<\/p>\n\n\n\n

Withholding Investments in bonds of\nprivate sector companies: <\/strong>The CBT approved the decision to withhold\nany further investment in Private Sector Companies Bonds and to compulsorily\nconsider one of the two required ratings necessarily from CRISIL, CARE, ICRA\n& India Ratings for investments in PSU Bonds category.<\/p>\n\n\n\n

The Board ratified the\ndecision of put option in NCDs of Tamil Nadu Power Finance Corporation and also\napproved put option in bond issued Kerala Finance Corporation & Tamil Nadu\nPower Finance and Infrastructure Dev. Corp. Ltd.<\/p>\n\n\n\n

Shri\nRaghunathan, Employees’ Representative on the Central Board, EPF appreciated\nthe efforts of the Finance Investment & Audit Committee chaired by the\nCentral Provident Fund Commissioner in finalizing the new Portfolio Managers\nfor investing EPFO’s corpus through a very transparent procedure. He further\ninformed the Board that while SBI’s Fund Management Arm has quoted 94% lesser\nthan SBI PMS in the last mandate, UTI AMC has quoted 28% lesser. This would\nresult in huge savings in portfolio management fees by EPFO.<\/p>\n","protected":false},"excerpt":{"rendered":"

225th Meeting of the Central Board of Trustees (CBT) is held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees’ Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakhs pensioners. This was […]<\/p>\n","protected":false},"author":13,"featured_media":5220,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[569],"class_list":["post-5219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-central-board-of-trustees"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=5219"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5219\/revisions"}],"predecessor-version":[{"id":5221,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5219\/revisions\/5221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/5220"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=5219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=5219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=5219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}