EPFO HAS TAKEN A PROACTIVE APPROACH WITH THE RESULT THAT THERE IS BETTER ALL ROUND FUNCTIONING OF THE ORGANISATION - Dr. SAHIB SINGH

CBT Discusses The 50^th Annual Report (2202-03), And RE 2003-04 & BE 2004-05 Of EPFO

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Dr. Sahib Singh, Union Labour Minister has said that Employees Provident Fund Organisation (EPFO) has taken a proactive approach with the result that there is better all-round functioning of the organization. He further said that 92734 establishments with 91.55 lakh members which were categorized as inoperative even though they are covered under the Act has been brought back into the compliance fold as on 31.03.2003. Dr. Sahib Singh was addressing the 165^th Meeting of the Central Board of Trustees (EPF) today. He informed a sum of Rs. 16334.60 crores have been collected as contribution for all the three schemes and a total of 50.05 lakhs number of claims have been settled. He underlined the point that a sum of Rs. 885.99 crores have been recovered as arrear dues. But he expressed concern on the persistent complaints regarding difficulties faced in withdrawing one’s own money from the fund and the general public perception about the rampant corruption.

As regards the performance gap in book keeping, the Board decided to entrust the matter to a "fact finding Committee" to plug the loop holes and strengthening the Internal Audit System. This will deter the frauds and cut short the procedural delays.

The CBT also approved the Revised Budget Estimates (RE) for the year 2003-2004 and Budget Estimates (BE) for the year 2004-05 for the Employees’ Provident Fund Scheme, 1952, Employees’ Pension Scheme 1995 and Employees’ Deposit Linked Insurance Scheme 1976.

Regarding proposal of IFCI for roll over of dues payable to CBT, CBT authorized Chairman CBT to negotiate with IFCI. It may be stated that CBT, made investments in various Bonds/Debentures of IFCI aggregating Rs. 1048.80 crores in respect of principal alone as on 31.03.2003. From November 2001 onwards IFCI committed default in the payment of maturity proceeds as well as interest.