The Employees' Provident Fund Organisation (EPFOmain)'s decision-making body, the Central Board of Trustees (CBT), will convene on Saturday, November 20. Its 229th meeting, which is slated for today, is expected to consider a number of critical issues.

The body is expected to discuss a proposed increase in the minimum pension, the EPFO interest rate for the current financial year 2021-22 (FY22), and the expansion of EPFO's investment basket to include available investment options such as alternative investment funds (AIFs) and infrastructure investment trusts (InvITs).

The meeting of the minister-led group, which was last held in March of this year, will take place after a seven-month hiatus. The CBT is a tripartite body made up of government, labour, and employer representatives. EPFO is bidding on its decision.

Pension hike: The CBT meeting will discuss raising the minimum pension for retirement fund subscribers. While the Central Trade Unions have proposed a minimum wage increase of up to Rs 6,000 from the current Rs 1,000, the CBT is expected to boost the sum to Rs 3,000. The Parliamentary Standing Committee on Labour suggested that the amount be increased from Rs 1,000 to Rs 3,000. According to the assessment of the committee led by Biju Janata Dal MP Bhartruhari Mahtab, the pension announced in 2014 is no longer adequate.

Interest rate hike: The current internet rate of 8.5 percent on pension funds, which was approved by the EPFO board on March 4 for FY21, is expected to be carried forward. The EPFO interest rate was cut to 8.5 percent in FY20 from 8.65 percent the previous year, a seven-year low.

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