Benchmark EPF interest rates with financial market: Ganai to JK Bank

Jammu: Advisor to Governor Khurshid Ahmad Ganai Monday chaired a high-level meeting of the officers of Labour & Employment Department and representatives J&K Bank to discuss issues related to provident fund investments and CSR initiatives.
The meeting was attended by Commissioner Secretary, Labour & Employment Department, Saurabh Bhagat, Chairman/CEO J&K Bank Parvez Ahmad, Labour Commissioner, J&K, Bashir Ahmad, President JK Bank Sunil Gupta, Assistant Vice President IT Wing Khursheed Muzaffar and Director Finance and Secretary cum CEO, Building & Construction Welfare Board, besides other senior officers of concerned departments.
The Government of J&K is providing social security to 4.64 lac workers employed in about 16000 organizations across the length and breadth of the State. At present, the Department provides 8.5% annual rate of interest to its subscribers (organized sector workers) against their EPF subscriptions.
The Advisor asked Chairman JK Bank to benchmark interest rates with the available rates in the financial market so that the Provident Fund Organization can effectively and sustainably fulfill its commitments to the subscribers.
It was informed that under CSR initiative, J&K Bank has taken up the digitization of records of Building and Other Construction Workers Welfare Board.
President J&K Bank informed the Advisor that 135000 records have been digitized 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 & 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 digitization of the records of un-organized sector workers in collaboration with the Employment Department based on the template already created in BOCWB.
The Advisor appreciated the efforts being made in the Labour & Employment Department on digitization and e-governance and requested J&K Bank to deliver on its CSR commitments.