EPFO might consider organisational restructuring

EPFO's apex decision making body will consider the proposal for cadre restructuring on December-9 meeting

Retirement fund body EPFO will consider next week an organisational restructuring, including about promotions.

At the meeting scheduled on December 9, the Employees' Provident Fund Organisation's apex decision making body Central Board of Trustees (CBT) will consider the proposal for cadre restructuring.

According to a circular, the proposal was presented in the meeting of the CBT held earlier this month on November 24. But the agenda could not be taken for discussion.

The restructuring of the EPFO is likely to result in early promotion as well as enhanced packages for the EPFO employees and is aimed at improving the organisation's efficiency.

Officials stagnating for almost 20 years will be benefited, sources said.

The EPFO manages a huge corpus of Rs 8.5 lakh crore and is expected receive incremental deposits of Rs 1.2 lakh crore during this fiscal. It manages over five crore subscribers at present. It had provided 8.75 per cent rate of interest in the 2013-14 and 2014-15.

Sources said that a proposal for fixing rate of interest may come up for discussion and the body may announce slightly higher rate of interest than provided in the previous two financial years.