EPFO May Have Rs 1,600 Crore Surplus by Year-End: Bandaru Dattatreya

The Employees Provident Fund Organisation (EPFO) is likely to have a surplus of Rs 1,600 crore by the end of this year, Union Labour Minister Bandaru Dattatreya said on Friday. “At a time when interest rates in all banks are coming down, our EPFO took good initiatives and did portfolio management properly. We gave 8.8 per cent interest rate. Despite that, we are still likely to have a surplus of Rs 680 crore. There is a chance of that going up to Rs 1,600 crore by this year end,” he told reporters. Noting that the government is working on providing universal minimum wage, the minister said the statutory amendments (in Parliament) need to be made to make it mandatory. The national floor level minimum wage issue is now advisory in nature. There is no uniformity in minimum wages b ...

More

No Jobs, Rising Workforce: Government Confronts Its Worst Nightmare

Lakhanpal, a 41-year-old visually impaired post-graduate in Bhopal, has just one more year to reach the cut-off age for a government job. His efforts to get a private sector job have failed. “I had been shortlisted for Railways but finally it didn’t work out. All I want is a stable job,” says the man who has become a father of a baby girl recently. Lakhanpal is now part of worrying job statistic in India. A survey by the Labour Bureau across eight key sectors like textiles, automobiles, leather industry point out that no jobs were created in the last three months of 2015. Between July and September last year, only 1.34 lakhs jobs were created. But the demand for jobs far exceeds this as nearly 10 lakh people join the work force every month. Union Labour Ministry, however, ...

More

Decision Soon On Increasing EPFO Investments In ETFs: Minister

Noting that EPFO’s investments in Exchange Traded Funds (ETFs) have given good returns during March and April this year, Union Labour Minister Bandaru Dattatreya on Monday said these investments would be increased and the quantum for coming year would be decided soon. “On March 31, 2016, we invested an amount of Rs 6,577 crore which gave return of Rs 6,601 crore, which is 0.37 per cent increase. On April 30, 2016, the amount we invested was Rs 6,674 crore which gave return of Rs 6,786 crore. It is up to 1.68 per cent plus (gain),” Mr Dattatreya told reporters. Observing that the good investments should dispel any apprehensions about the EPFO funds being invested in the ETFs, he said the Labour Ministry would deliberate on the matter after he returns from the International ...

More