The CBT is constituted for a period of five years and the last board was notified on November 9, 2018. The constitution of the new board will pave way for the much-awaited CBT meeting of the EPFO to decide on interest rates for 2023-24.
“In exercise of the powers conferred by sub-section (1) of section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ( 19 of 1952), the central government hereby appoints, with effect from the date of publication of this notification in the official gazette, the following persons to the Central Board of Trustees constituted under the said Act,” the ministry said in a notification dated January 12, 2024.
“The new board will replace persons appointed vide notification of the government of India in the ministry of labour and employment dated the 9th November, 2018,” it added.
The union labour minister will continue to be the chairman of the 42-member board while the minister of state for labour and employment has been appointed as 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 last CBT had 43 members. The new CBT has five members from the central government and 15 representatives of different states, the same as earlier. It has 10 employers’ representatives from different employer associations and chambers including the Confederation of Indian Industry, the Federation of Indian Chamber of Commerce and Industry and the PHD Chamber of Commerce and Industry.
The new CBT has eight employees’ representatives or the trade union members as against 10 in the last 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.
