Government denies bid to invest EPF in equities
NEW DELHI, Dec 12, 2012, DHNS 0:57 IST
The Employees` Provident Fund Organisation (EPFO) is not considering investing in equities as funds are earning 12 per cent annually in the national pension system.
The EPFO ensures security of the capital contributed by beneficiaries with risk free, consistent returns, Minister of State for Labour Shri K Suresh told the Rajya Sabha in a written reply.
As on October 31, 2012, the total of EPFO corpus invested in private sector is Rs 26,896.54 crore, including Rs 4.05 crore investments in blue chip manufacturing companies, he said.
In another written reply, the minister informed the House that a proposal of the Pension Implementation Committee, a sub-committee of the Central Board of Trustees, Employees’ Provident Fund, to enhance the minimum pension under Employees’ Pension Scheme, 1995, to Rs 1,000 was under the consideration of the government.
The issue of enhancing wage ceiling for coverage under the Employees’ Provident Funds Scheme, 1952, has been discussed in meetings of Central Board of Trustees, Employees’ Provident Fund. However, the government is yet to take a final view in the matter.
He added that there was no proposal to reduce the number of workers to five instead of 20 for coverage under Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.