PF Body May Invest Up To 12% In Equities, Says Minister

Buoyed by strong stock markets, Labour Minister Bandaru Dattatreya has said the Employees Provident Fund Organisation may invest up to 12 per cent of its investable amount in equities over a period of time. According to the minister, as of June 30, retirement fund body EPFO invested Rs 7,468 crore in two index-linked ETFs (exchange-traded funds) – one to the BSE’s Sensex and the other to NSE’s Nifty – and as of now the market value of the investment stood at Rs 8,024 crore with 7.45 per cent yield. The Finance Ministry gave us clearance to invest from 5 to 15 per cent. It is a long term investment. It may up to 10 to 12 per cent also depending up on the market conditions. We expect the markets would be stabilised in the long run. Markets also need money,” Mr D ...

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Universal Account Number Rule Relaxed For PF Settlement: Report

The Employees’ Provident Fund Organisation (EPFO) has eased the provision that requires furnishing of Universal Account Number (UAN) for settlement of claims like PF withdrawal for all those who left membership before January 1, 2014. Retirement fund body EPFO had made it mandatory to provide UAN on claim application forms in December last year. “The decision to relax this condition of providing UAN for claim settlement was taken after considering difficulties being faced by those members who were not allotted UAN,” an official said. “UANs were initially allotted to all those members who were subscribers during January to June 2014. This decision was taken to facilitate all those members who ceased to be in employment before January 1, 2014.” It has been decid ...

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EPFO Advisory Body Against Collection Of PF Dues By Private Banks

An advisory body of EPFO has rejected a proposal to engage private banks — ICICI, Axis and HDFC Bank — for collection of PF contribution from employers. “The proposal to engage private banks — ICICI, Axis and HDFC Bank — was rejected by the Finance, Audit and Investment Committee (FAIC),” EPFO trustee and Bharatiya Mazdoor Sangh Maharashtra General Secretary P J Banasure told PTI. At present, SBI collects PF dues on behalf of EPFO. The work on authorising other nationalised banks to collect PF dues is in progress. The FAIC has recommended that these three banks should not be allowed to collect PF contribution on behalf of the retirement fund body. As per a general practise, FAIC’s recommendations are accepted by the CBT. The proposal stated that su ...

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Retirement Fund Body Aims To Cover All Workers Under PF, Pension By 2030

The Employees’ Provident Fund Organisation (EPFO) has said in its vision document that it aims to cover all the workers in the country under provident fund (PF), pension and life insurance by 2030. The vision document prepared by EPFO mentions objectives such as “universal social security coverage on mandatory basis by way of provident fund, pension and life insurance for all workers of the country”, the Employees’ Provident Fund Organisation said in a statement. The vision also talks about online services for all EPFO benefits with state-of-the-art technology and best service delivery practices. The meeting also dwelt on identifying the requisite organisational changes needed to achieve Vision 2030. EPFO also seeks to implement policies for a benefit structure with ...

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Labour Minister For Raising PF Body’s Investment In Stocks

Unfazed by unions’ opposition and negative returns on stock market investments, Labour Minister Bandaru Dattatreya on Tuesday hinted at increasing investment of the Employees’ Provident Fund Organisation (EPFO) in exchange-traded funds (ETFs) for this fiscal year from 5 per cent currently. However, he did not specify the quantum of increase in investments this year by the PF body (EPFO) from 5 per cent of its investible deposits parked last fiscal in exchange traded funds (EPFs). “At present it is 5 per cent in Exchange Traded Funds (ETFs). In long terms it is profitable. In this context we want to see it. We will hold the CBT (Central Board of Trustees) meeting (where this proposal will be discussed). But I am confident that it will go beyond five per cent,” he sai ...

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