New Delhi: The Employees’ Provident Fund Organisation (EPFO) will soon engage retired officers and government employees to fill up the vacancies in various cadres as it gears up to strengthen the workforce to cater to the large number of subscribers being enrolled with it under the PM Viksit Bharat Rojgar Yojana.
To begin with, the retirement fund body will fill up vaccines in its investment division, a key vertical responsible for investments of its over ₹28 lakh crore of corpus to fetch high rate of returns. This set of officers will act as an independent sounding board to the investment committee of the central board of trustees of the EPFO.
ET Bureau
Policy amended as open market hiring seen time-consuming
The estimated vacancies across cadres and divisions of the EPFO stand at more than 4,000.
“In order to ensure that the work of the organisation does not get hampered due to shortage of personnel or due to such absence of core competency in specific issues a provision has been made for hiring of retired employees and officers,” the EPFO said in a policy circular issued recently.
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ET has seen a copy of the circular.
The EPFO argued that filling up vacancies or hiring specialised consultants through open market is a time-taking procedure and hence the policy for hiring retired government officers has been amended to fast-track their hiring on a contract basis.As part of the hiring drive, the EPFO is looking at engaging retired officers of the rank of general manager of State Bank of India (SBI) or above of public sector financial institutions and regulatory bodies, such as the Reserve Bank of India and Life Insurance Corporation, for its investment division for a period of one year and extendable up to one year but not beyond five years after superannuation.
Besides, the EPFO is open to engaging individual experts with the legal status of an independent consultant for a fixed period of three years or till the age of 65 years, whichever is earlier.
“Individual experts shall be engaged on full-time basis and would not be permitted to take up any other assignment during the period of consultancy with the EPFO,” it added.
Those engaged for the investment division will provide expert advice and assist in the areas of monitoring the efficiency and effectiveness of the EPFO’s portfolio managers (debt) and exchange-trade fund providers, risk management, treasury operations, default management and compliances to the pattern of investment. Besides, they will examine and assist in aligning investments with the overall organisational goals and risk profile, assist to strengthen oversight and review of various functional areas, and assist in devising benchmarks for investments in debt as well as other permitted asset classes.
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