new delhi at least half of the long term representatives on the central board of trustees of the employees provident fund organisation epfo will make way for new members when the board is reconstituted by the end of this month marking a shift from the past model that had no cap on tenurethis follows a decision last year that no board member will hold the post for more than two terms earlier members could be reappointed any number of times the cbt the apex decisionmaking body of the epfo is reconstituted every five years the induction of new members is expected to help the organisation push through the modernisation agenda the cbt comprises 10 members of trade unions or employees representatives 10 members of employers representatives and 20 members from central and state governments the term of a member is five yearslast year a clause was inserted in section 5 of the epf scheme 1952 under which an outgoing trustee or member shall be eligible for reappointment as member of the central board or the regional committee as the case may be for a maximum of not more than two terms this will have twin impact on the one hand experienced people will go out of the board and on the other hand the new norm would help break the nexus created by the longterm serving members a senior trade union member told et requesting not to be namedthe move is seen significantly improving the functioning of the cbt as the new and young members are likely to be open to outofthebox ideas for managing the rs 10lakh crore corpus of the retirement fund body the epfo has over 50 million subscribers and all its decisions including the annual rate of interest on provident fund savings has to be approved by the cbt