EPFO in a jam: Why meaningful pension reforms are not moving ahead

Instead of reforms, in many ways, 2022 is showing signs of walk back on pension reforms

Over two decades ago, a finance minister had made the case for the Employees Provident Fund Organisation (EPFO) to tap the markets a bit more to generate higher returns for subscribers. That speech, comma, full stop et al can be repeated even now, 23 years later.

“Pension funds investing in domestic equity markets would help lower volatility in equity markets and as that comes down the cost of capital on the equity side for businesses would come down. We are trying to ensure that we stabilise and smoothen out our equity market,” said Yashwant Sinha. The pith of that appeal