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Ambarish Mukherjee

New Delhi , Feb. 16

THE Employees State Insurance Corporation (ESIC) has decided to follow the model adopted by the Employees' Provident Fund Organisation (EPFO) for taking investment decisions on surplus funds available with the corporation.

The standing committee of ESIC headed by the Union Labour Minister, Mr Sahib Singh Verma, has decided to replace the system of a single person, having the authority to invest, by a three-member committee.

The three-member investment committee, to be set up as a sub-committee of the standing committee, is to be headed by the Director-General of ESIC.

The two other members will be the Financial Commissioner of ESIC and one joint secretary of the Ministry of Labour.

The Labour Ministry officials said that the existing list of financial instruments in which the corporation can invest its surplus funds now is also likely to be taken up for review in the future.

Hitherto, only the ESIC Director-General was authorised by the standing committee to take all investment decisions. Henceforth, all investment decisions of the corporation will have to be unanimously taken by the three-member committee, with each member having veto power.

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