EPFO paid less interest than its earnings: CAG

EPFO paid less interest than its earnings: CAG

 The Employees' Provident Fund Organisation (EPFO) has been paying lesser amount as interest to subscribers—of whom there are more than 5 crore—than it has been earning on its corpus, the Comptroller and Auditor General (CAG) has said in its report for 2011-12.

     The report was tabled in Parliament on Tuesday. It has also recommended that the Central government’s contribution be deposited in time. The data between 2006-07 and 2011-12 has been analysed by the CAG, which has also observed that the EPFO earned less in 2006-2007 and 2011-12 from its investments but paid more to subscribers.

“EPFO has been paying lesser amount as interest to subscribers than it has been earning on the corpus (except in 2006-07 and 2011-12),” said the CAG. It observed that EPFO earned less on investments and paid more to subscribers in 2006-07 and 2011-12. According to the report, EPFO earned Rs 7,779.63 crore in 2006-07 and credited Rs 7,976.24 crore into subscriber accounts in the same year. Similarly in 2011-12, it earned Rs 17,879.95 crore and credited Rs 23,145.81 crore accounts of PF subscribers.

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