Information on many major issues was shared in the 236th meeting of the Central Board of Trustees (CBT) held under the chairmanship of Union Labor and Employment Minister Mansukh Mandaviya. In this meeting, it was told by EPFO that the facility limit for autoclaim settlement has been increased from Rs 50 thousand to Rs 1 lakh. Along with this, information was given that in this financial year there were 1.15 crore such claims, which have been settled through auto mode. Even in the month of November the rejection rate has come down to only 14 percent.
Claims are being settled rapidly
In the 236th meeting of the Central Board of Trustees, it was told by EPFO that 4.45 crore claims worth Rs 1.82 lakh crore were settled in the financial year 2023-24. Whereas, if we talk about the current financial year, till now 3.83 crore claims worth Rs 1.57 lakh crore have been settled by EPFO.
CITES 2.01 project is getting ready
In the information given by EPFO, it was said that work on CITES 2.01 project is going on at a fast pace. Along with this project, EPFO is upgrading both its software and hardware. At the same time, under the CITES 2.01 project, a new version of the operating system is being prepared which will make the auto claim facility more simple and easy. The most important thing is that in the new version, accounting will be possible through UAN number, due to which a system of one member, one account will be created. This will also make it easier to settle the claim.
Said this regarding interest
Let us tell you, CBT has approved an important amendment in Paragraph 60(2)(b) of the EPF Scheme, 1952. In fact, for claims settled till date of the month, interest is paid only till the end of the previous month. But now after the amendment, the interest will be paid to the member till the date of settlement.
Said this for ETF investment
CBT (Central Board of Trustees) approved a Redemption Policy for ETF investments of CPSEs and Bharat 22 with the aim of generating income for the ‘Interest Account’ of the EPF scheme. Under this policy, a minimum holding period of five years will be required. At the same time, the return on investment should be higher than that of government securities, and should be better than the performance of CPSEs and Bharat 22 indices.
Additionally, the CBT also approved guidelines for investment in Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) sponsored by public sector companies (PSUs). These trusts are regulated by Securities and Exchange Board of India (SEBI) and fall under category V(b) and V(d) of investment patterns.
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