LABOUR MINISTER CALLS FOR GREATER TRANSPARENCY IN MANAGEMENT OF EMPLOYEES PROVIDENT FUND

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The Labour Minister Shri Sharad Yadav has called for greater transparency in the administration of the Employees Provident Fund, EPF. He said that it is because of the transparency ensured by the stakeholders that the Fund despite having the second largest reserve of money is free from any controversy. He said that the Fund having more than one lakh crore rupees is directly supervised by a tripartite body, the Central Board of Trustees having representation from the employees, employers and the government. Shri Yadav was speaking after laying the foundation stone of the ultra modern office complex of Employees Provident Fund Organisation, Delhi Region here today. The Labour Minister said that the building would help in setting up a new work culture in consonance with the "Reinvention Programme" of the EPFO. He said that the Organisation in the new complex fitted with information technology infrastructure and a new mind set would go a long way in satisfactorily meeting the demands of growing number of subscribers in Delhi region.

The building complex being constructed at a cost of 12.9 crore rupees is expected to be ready for use by December 2004. It will be eco-friendly with energy saving and rain water harvesting devices. It will also be access friendly for the disabled. The office complex will meet the Provident Fund, Pension and Insurance requirements of more than 14 lakh workers employed in about 26,000 establishment in Delhi.