Labour Ministry to convene meet to increase EPFO stock market exposure
Union Labour Ministry will soon convene a meeting of the Central Board of Trustees to secure its nod to increase Employees’ Provident Fund Organisation (EPFO) stock market exposure to 15 per cent, from the existing 10 per cent.
This was stated by Labour and Employment Minister Bandaru Dattatreya in New Delhi. He said, rate of returns have been high from capital market investments and consultations are always made with trade unions, employers and state governments to increase EPFO accruals into ETFs.
Asked about disagreement with the finance ministry on giving over 8 per cent returns to EPFO subscribers, he said ETF investment is generating smart gains and that is why we are able to give our subscribers such returns.
Central Board of Trustees is the apex body of the EPFO chaired by the Labour Minister. It is represented by members from the Labour Ministry on behalf of the central government, EFPO, state governments, employers and trade unions.
In 2014-15, the labour and finance ministries had decided to put in 5-15 per cent of the employee provident fund (EPF) into equity markets — in phases — to monetise the huge funds accruals.
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