The Central Board of Trustees of the Employees' Provident Fund Organisation will meet on Friday to decide on the setting up of separate agencies for recovery of arrears and audit, and the rollover of interest of the Industrial Finance Corporation of India.
Other items on the agenda include bifurcating the PF commissionerates in West Bengal, Maharahstra and Tamil Nadu regions, outsourcing the IT infrastructure for CBT's networking at six pilot sites and to put in place a centralised computer system at Dwarka for issuing 50 lakh national social security numbers this year.
The other issues that could also figure at the meeting include a proposal for recruitment rules for social security assistants and the expenditure estimated for the publicity campaign during the golden jubilee year of EPFO, sources said in New Delhi.
The proposal to create a separate agency to oversee the recovery of arrears from defaulters comes in the backdrop of increasing instances of default in paying the EPF to workers.
The responsibilities of the proposed directorate would include maintaining dossiers on large defaulters, apart from launching initiative to track defaults.
At present, 70 per cent of the estimated PF arrears were locked up in litigations, including in high courts and BIFR courts.
However, with the present internal recovery system, there was around 800 per cent increase in recovery.
The yearly recovery was Rs 750-800 crore (Rs 7.50-8 billion) since 1998, and in the last year, it was around Rs 826 crore (Rs 8.26 billion), they added.
Around Rs 1,000 crore (Rs 10 billion) had been locked up in the case of IFCI, which had defaulted on interest payment on non-SLR bonds issued by it.
