The Employees’ Provident Fund Organisation (EPFO) is expected to soon give its go-ahead to the proposal of doubling monthly pension for EPS subscribers to Rs 2,000.
This would benefit at least 40 lakh subscribers and cost the Centre a minimum Rs 3,000 crore per annum.
The issue, though not listed on the agenda for the upcoming central board of trustees’ meeting of EPFO on June 26, is likely to be tabled after permission from the labour minister, who is the chairman of the board ..
EPFO had started investing in ETFs in August 2015. In 2015-16, it invested 5% of its investible deposits, which were subsequently increased to 10% in 2016-17 and 15% in 2017-18. It has invested Rs 41,967.51crore in ETFs with return of 17.23% as on February 2018. The body had sold ETFs worth Rs 2,500 crore in March this year for the first time to liquidate its investments in stock market.
The central board of trustees of EPFO is the highest decision making body. It comprises representatives of trade unions, employers as well as central and state governments and all decisions related to the retirement fund body are taken by the CBT.
There are around 60 lakh pensioners under the EPF-95, of which around 40 lakh are getting less than Rs 1,500 per month. Of these, 18 lakh are the existing beneficiaries under the minimum pension of Rs 1,000. The government has about Rs 3 lakh ..
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