EMPLOYEES PROVIDENT FUND ORGANISATION WILL NO LONGER ACCEPT AADHAAR TO VERIFY, DATE OF BIRTH.

Employees provident fund organisation has said that EPFO will no longer accept Aadhaar to verify Date of Birth and the said organisation has said it will no longer use Aadhar as a valid document to verify the date of birth, in line with a direction to this effect by the unique identification authority of India (UIDAI) . In this connection EPFO's circular of january 16 has stated that it has removed Aadhaar from the list of documents that will be considered valid for rectifying birth date errors and further more As per UIDAI's December 22 , Circular, Aadhar is only regarded as a valid document required for authenticating the identity of an individuals. UIDAI's Circular had also noted that several organisations including EPFO, have been accepting Aadhaar as a valid document for verifying the date of birth, which is not allowed as per the Aadhar Act, 2016.

EPFO ADVISORY BODY TO DECIDE ASSET CLASSES ON INVESTMENT ( InvITs )

At present, the National Highway Authoritiy of India and the power Grid Corporation have launched the public sector infrastructure investment trusts and the EPFO would also go for public sector bonds .The said decision was taken at the 229 th meeting of the Employees provident fund Organisation' s  Apex decision making body-- Central board of the Trustees ( CBT)  headed by the Union  Labour Minister, Shri Bhupendra Yadav. The board  decided to empower Finance Investment and the Audit Committee ( FIAC) to decide upon the investment options , on a case to case basis, for investment in all such asset classes which are included in the pattern of investment as per the notification of Ministry of the finance department for which the provision of the high rate of interest should be followed as per the schedule under guidelines of the Finance ministry .The government recently added new investment trusts ( bonds and InvlTs) .As such it has in Principal decided that the FIAC will take a decision in the matter for which the CBT has authorised the FIAC to do the needful for which the FIAC will now take a decision in the matter like the National Highway Authoritiy of India and the Power Grid (InvITs) however at present only public sector bonds and the InvITs will be considered in asset classes .

AS PER THE STATEMENT BY LABOUR AND EMPLOYMENT MINISTRY THE EPFO SOCIAL SECURITY AMBIT HAS INCREASED IT'S SUBSCRIPTION DURING 2020-21 AROUND 20 PERCENT.

SOCIAL SECURITY AMBIT BY EPFO :-- The provisional pay roll data of the employees provident fund collection showed increase by the funding for retirement subscription during the financial year 2020-21 .The members are coming and joining the social security ambit of EPFO as per statement released by the ministry of labour and employment even rejoining the EPFO social security ambit by changing their jobs and establishment for which the subscribers are opting to continue their membership with the EPFO by transferring their funds from previous job to the current account number instead of the final withdrawal. As per state wise comparison of the  establishment the Maharashtra, Haryana, Gujarat, Tamilnadu and Karnataka are ahead from the others and Gender wise analysis collected from the pay rolls shows that the female enrolment was more than the males and the young age group of 22-25 years registered are highest in number .Where as the Industry wise data indicates that the expert services categories consisting of manpower agencies, private security services, small contractors are contributing better noted as in the Industries like trading commercial establishments , Engineering department and the production related to building infrastructure, textiles, garments manufacturing hospitals and the financial establishments are doing better contribution to the EPFO .

IDEA OF MENTORSHIP STRATEGY TO BRING INVESTORS FOR LIC, EPFO, FUNDING STARTUPS

The government is committed to cut red tape, improve ease of business doing, to provide financial assistance through startup seed fund, supporting incubators, enhancing skills and this holistic approach has intended to resolve the issue relating to capital mobilization to meet the capacity and capabilities requirements for which the government is ready to bring investors on a common platform required for the development of LIC and (EPFO) The Commerce and the Industry minister stated further that the platform is ready required for managing the fund start-up.On the occasion of this meeting of the Advisory Council the Additional Secretary of the department clear the vision that the key area of focus was providing early stage funding for which the government has taken a programming of mentorship India has just around 6000 angel investors while the US has about three lakh for which the government is looking at the regulatory and other issues to make the system more robust .