SAFETY AND PROTECTION OF EPF MONEY
RAJYA SABHA
Only 1.35% of the
holdings in the Employees Provident Fund (EPF), the Pension Scheme
and Employees Deposit Linked Insurance Scheme (EDLI) put together
was invested in Government guaranteed Securities as on 31-3-2002.
Out of the total investments in Government guaranteed securities,
Rs.688.78 crore carry guarantee of the Central Government. The
State Governments guaranteed securities aggregate to RS.687.70
crore which is only 0.67% of the total investments of the Central
Board of Trustees, Employees Provident Fund.
The investment
of Rs.5,029.54 crore are in State Development Loans on which interest
servicing is done through the RBI and there is no default.
No investment
has been made by the CBT,EPF in State Government Guaranteed schemes
during the last one and a half year. Finance and Investment Committee,
a sub-committee of the CBT, EPF in its 69th meeting
held on 17-10-2002 reiterated its earlier decision not to invest
in State Government Guaranteed securities by giving utmost priority
to safety of funds.
This was stated
by the Minister of State for Labour Shri Ashok Pradhan in a written
reply in the Rajya Sabha today.
