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The CBT is constituted for a interval of 5 years and the final board was notified on November 9, 2018. The structure of the brand new board will pave method for the much-awaited CBT assembly of the EPFO to determine on rates of interest for 2023-24.
“In train of the powers conferred by sub-section (1) of part 5A of the Workers’ Provident Funds and Miscellaneous Provisions Act, 1952 ( 19 of 1952), the central authorities hereby appoints, with impact from the date of publication of this notification within the official gazette, the next individuals to the Central Board of Trustees constituted below the stated Act,” the ministry stated in a notification dated January 12, 2024.
“The brand new board will substitute individuals appointed vide notification of the federal government of India within the ministry of labour and employment dated the ninth November, 2018,” it added.
The union labour minister will proceed to be the chairman of the 42-member board whereas the minister of state for labour and employment has been appointed because the vice-chairman and the labour secretary has been made the co-vice-chairman of the board.
Earlier, the labour secretary was the vice chairman of the CBT and the final CBT had 43 members. The brand new CBT has 5 members from the central authorities and 15 representatives of various states, the identical as earlier. It has 10 employers’ representatives from totally different employer associations and chambers together with the Confederation of Indian Business, the Federation of Indian Chamber of Commerce and Business and the PHD Chamber of Commerce and Business.
The brand new CBT has eight workers’ representatives or the commerce union members as towards 10 within the final CBT with three members of BMS and two slots vacant.
The central provident fund commissioner of EPFO continues to be the ex-officio member of the central board of trustees.
