-The Economic Times The country's chief auditor has uncovered a Rs 1,336-crore negative balance in the books of the Empoyees' Provident Fund Organisation (EPFO), the custodian of Rs 8.15 crore formal sector workers' lifetime savings. A report, prepared by the Comptroller and Auditor General (CAG) and reviewed by ET, says this discrepancy in the EPFO's books for 2011-12 could grow further. For beneficiaries, this could mean lower returns on provident fund savings...
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EPFO to include 'AAA' rated corporate bonds in portfolio-Raj Kumar Ray
-The Indian Express The Employees' Provident Fund Organisation is set to widen its investment horizon by including 'AAA' rated corporate bonds of any private company in its portfolio following a clean chit from Crisil, a move that can open up a window for blue-chip corporates to raise about Rs 35,000 crore through long-term debt papers annually. Crisil, which was appointed by EPFO to advice on investment portfolio, has said that none of...
More »EPFO puts on hold decision to make Aadhaar must for new accounts
-PTI Retirement fund body has decided to put on hold the decision to make it mandatory for new members joining EPF scheme to provide Aadhaar number as credential for enrolment from March 1, 2013. "In view of discussion with UIDAI official and the time required in the process of obtaining Aadhaar numbers, it may not be possible to obtain Aadhaar number by EPF members by March 1, 2013. Therefore it has been...
More »Unions Oppose EPFO's Move to Make Aadhaar Mandatory
-Outlook Trade Unions have raised red flag against the retirement fund body EPFO's suo moto decision to make submission of Aadhaar mandatory for its over 50 million existing subscribers and new members. Questioning the decision of the Employees' Provident Fund Organisation (EPFO), the trade union leaders said that it would be impossible for the members to provide Aadhaar numbers as the scheme was not operational in many parts of the country. Also...
More »Towards a secure retirement-Renuka Sane
-The Indian Express Increasing provident fund contributions within a faulty system is not the answer The Employees Provident Fund Organisation (EPFO) is moving towards increasing the mandatory contributions made towards an individual’s provident fund (PF). Contributions to the PF are 24 per cent of basic wages. Earlier, employers would exclude allowances such as the housing allowance (HRA) to make the basic wage look smaller, and pay lower amounts. If the EPFO has...
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