Union Ministers at logger heads over EPF.

7:13 PM, Saturday, September 18th, 2010
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Bangalore: Labour Minister Mallikarjun Kharge has not agreed to invest 15% of PF money collections, in stock market as advised by Finance Ministry. Presently only 5% of Rs.3 lakh crores (or Rs.15000 crores) under EPF account is invested in Equity shares in market on the strict advice of financial advisers of hired by EPFO, and not the Finance Ministry. Kharge is the chairman of EPFO Central Board of Trustees.
Safety of investment being considered paramount, Kharge said, valuable EP funds will not be thrown around on stocks and shares which fluctuate, but in safe areas like RBI, SBI or PSU (Public Sector Units), to earn definite returns. The employees’ money has to be carefully invested over the years for them to lead a comfortable retirement life, he added, refusing to play into open market.

                                   

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