Peg EPF interest rates in line with financial market: Ganai to J and K Bank

Advisor to Governor Khurshid Ahmad Ganai Monday asked chairman J&K Bank to benchmark EPF interest rates with the available rates in the financial market so that the PFO can effectively and sustainably fulfil its commitments to the subscribers.

According to an official spokesperson, Ganai said this while chairing a high-level meeting of the officers of labour and employment department and representatives J&K Bank to discuss issues related to provident fund investments and CSR initiatives.

The government of J&K is providing social security to 4.64 lakh workers employed in about 16000 organisations across the length and breadth of the state. At present, the department provides 8.5 percent annual rate of interest to its subscribers (organized sector workers) against their EPF subscriptions.

It was informed that under CSR initiative, J&K Bank has taken up the digitisation of records of Building and Other Construction Workers Welfare Board.

President J&K Bank informed the Advisor that 135000 records have been digitised by BOCWWB in collaboration with J&K Bank and the process is likely to be completed by ending January 2019.

As the department of labour and employment is providing 27 online services in Labour Department and BOCWB, the issue of payment gateway was discussed for which J&K Bank offered a free of cost internet payment gateway with 256-bit encryption.

It was also decided that as a part of CSR initiative, J&K Bank would facilitate the digitisation of the records of un-organised sector workers in collaboration with the employment department based on the template already created in BOCWB.

Source: Greater Kashmir

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