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Annexure-A
Policy for hiring of retired officers and employees on
contract basis in EPFO- 2023
Introduction
The Organization faces the need for engagement of retired Officers and
Employees of Government including EPFO in view of the vacancies existing in various
cadres in EPFO order to tackle specialized issues for which the existing personnel may
not have the required competency. In order to ensure that the work of the organization
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. As the action for filling up of vacancies or hiring of specialized
consultant through open market is a time taking procedure, arrangements for fulfilling
the requirement will be done by hiring / engagement of retired officers and employees
on contract basis. This shall be applicable to retired Government servants including
EPFO.
However, for the purpose of engagement of Investment Consultants in
the Investment Division, for the roles and responsibilities specified in Annexure–
B, retired officers of the rank of General Manager of SBI or above of public sector
financial institutions and regulatory bodies such as RBI, SBI, LIC, etc. may also
be considered.
2.
Identification of function/ task
2.1 The appointment may be made only in justified exigencies of the official work
where public interest is served by appointment of the retired employee.
2.2 No hiring should be done for routine day to day work when regular staff is
available,
2.3 No hiring should be done as personal staff of senior officers and Minister if the
job can be performed by a serving cadre officer.
2.4 At the outset, such appointments shall not be made as a matter of practice and
must be kept at a bare minimum.
2.5 While making such appointments, adequate functional necessity with clear
grounds must be placed before the Competent Authority.
3.
Identification of number of retired Officers or Employees and Grade/ Cadre-
3.1 The grade/cadre level of the retired Officer or Employee to be hired should be at
par the level of work proposed.
3.2 The level of the required retired Officer or Employee to be clearly specified in the
advertisement.
4.
General eligibility Criteria
4.1 The officer/ employee should be retired Government servant (including EPFO),
preferably from the post/cadre against which the hiring is being done.
4.2 While engaging retired Officer or Employee, the APAR for the last 5 years should
be taken into consideration.
4.3 None of the officers/ employees in respect of whom Charge-Sheet issued/penalty
imposed during the last 5 years should be considered for hiring.
5.
Terms & Conditions of Appointment
5.1 Tenure of Appointment-
5.1.1 The tenure of appointment shall ordinarily be for an initial period not
exceeding one year which is extendable by another one year
5.1.2 Beyond two years after the age of superannuation i.e. beyond 62 years of
age, where adequate justification exists, the term may be extended based
on a review of the task and the performance of the contract appointee,
5.1.3 Provided it shall not be extended beyond 5 years after superannuation i.e.
beyond 65 years of age.
5.2 Remuneration
5.2.1 A fixed monthly amount shall be admissible, arrived at by deducting the
basic pension from the pay drawn at the time of retirement.
However, for all the retired officers of the rank of General Manager of
SBI or above of public sector financial institutions and regulatory
bodies such as RBI, SBI, LIC, etc (not retired from EPFO or Central
Government), the remuneration shall be fixed at 50% of last pay
drawn (Basic+ DA) by the officer.
5.2.2 The amount of remuneration so fixed shall remain unchanged for the term
of the contract.
5.2.3 There will be no annual increment/ percentage increase during the contract
period.
5.3 House Rent Allowance
No HRA shall be admissible.
5.4 Transport Allowance
5.4.1 An appropriate and fixed amount as Transport Allowance for the purpose
of commuting between the residence and the place of work shall be
allowed not exceeding the rate applicable to the appointee at the time of
retirement.
5.4.2 The amount so fixed shall remain unchanged during the term of
appointment. However, retired employees so appointed may be allowed
TA/DA on official tour, if any, as per their entitlement at the time of
retirement.
5.5 Leave of Absence
Paid leave of absence may be allowed at the rate of 1.5 days for each
completed month of service. Accumulation of leave beyond a calendar year
may not be allowed.
6.
Method for Selection/ Short listing
6.1 The engagement of the retired officers/ employees will be generally done by
the Open Advertisement calling for the names of the eligible retired persons
including the retired officers from EPFO working in equivalent capacity and
having the requisite experience.
6.2 However if so required, for reasons to be recorded in writing, CPFC may
appoint any retired officer or employee for specific purpose, requiring specific
skill without following the procedure detailed in the policy.
7.
Competent Authority for Hiring & Composition of Screening Committee
7.1 Retired officer hired against Group 'A' & 'B' vacancies/ cadres
7.1.1 Engagement will be done by the headquarters only with the approval of
the Central PF Commissioner.
7.1.2 A Screening Committee will be constituted by CPFC for screening of
requests of the candidates.
7.2 Retired employee hired against Group 'C' vacancies
7.2.1 Addnl. Central P.F. Commissioner (HQ)(HR) / Addnl. Central P.F.
Commissioner (HQ)(Zone)/ Addnl. Central P.F. Commissioner (Zone) will
be authorized for hiring as per the provisions stipulated above, after
following the due procedure.
7.2.2
At Zonal level,
Screening
Committee
may
be
constituted
by
ACC[HQ](Zone) / ACC (Zone).
8.
General Guidelines & Provisions
8.1 Proper justification for hiring should be decided by the concerned authorities in
consultation with the finance to avoid infructuous expenditure.
8.2 This policy may also be applied to engage Engineers because all categories of
engineers will fall under either Group 'A' or 'B' category employees.
8.3 The hired Officer / Employee shall sign an agreement of confidentiality with the
Government of India containing a clause on Ethics and Integrity.
8.4 The past cases where the term has already expired shall not be reopened in the
light of this policy.
8.5 In view of any provision which may not be laid down in this policy, the
Government of India directions/ guidelines may be followed as amended from
time to time.
8.6 In case of any doubt regarding the provisions in the policy, the matter shall be
placed before the CPFC for consideration. The decision of CPFC shall be final in
regard to matters thus referred.
Scope of Work :
1.
The Domain Expert will work in close coordination with the Investment Division of
EPFO to inter-alia provide expert advise and assist in the areas of Monitoring the
Efficiency & Effectiveness of EPFO's Portfolio Managers (Debt) & ETF
Manufacturers, Risk Management, Treasury Operations, Default Management,
Compliances to the Pattern of Investment (POl) and guidelines prescribed by the
Ministry of Labour, Government of India.
2.
Oversee and provide expert advice with regards to investments made in various
asset classes allowed under the POl and its guidelines.
3.
Examine and assist in aligning investments with the overall organizational goals
and risk profile.
4.
Provide recommendations and assist to strengthen oversight and review of
various functional areas of the Investment Division.
5.
Provide expert advise and assist in devising Benchmarks for Investments in Debt
as well as other permitted Asset classes.
6.
Provide Domain expertise and act as an Independent Sounding Board to the
Investment Committee (IC) of the Central Board of Trustees, EPF.
Expertise & Selection Criteria:
1.
Domain experience of at least 15 years in Financial/Capital markets operations
with experience of large Treasury operations/Large Pension Funds/ Insurance
Funds, preferably at General Manager level or above from SBI, RBI, LIC or other
similar financial/ regulatory institutions of repute in the Public Sector.
Annexure-B
2.
Relevant professional qualifications - CA, CFA, FRM and / or regulatory
experience is desirable and preference will be given for such candidates.
Confidentiality & Ethics:
1.
The expert shall treat the investment reports, documents and other related
discussions as confidential and shall not disclose any part of the review process
or findings without prior authorization.
2.
A non-disclosure agreement shall be signed by the Expert(s) with EPFO.
3.
Any conflicts of interest must be disclosed at the outset.
Additional ToR:
1.
The individual expert shall have the legal status of an independent vis-a vis
EPFO and shall not be regarded, for any purposes, as being either a "staff
member" of EPFO, or an "official" of EPFO.
2.
Individual experts will be engaged for a fixed period of three years or till the age
of 65 years, whichever is earlier.
3.
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 EPFO.
