 "EPFO")
Retirement fund body EPFO has invested Rs 489.46 billion in exchange-traded funds (ETFs) till June 30, 2018, parliament was informed on Wednesday.
The Employees' Provident Fund Organisation (EPFO) is investing in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) d Bharat 22 indices. The body does not invest in shares and equities of individual companies.
"The total amount invested by EPFO in ETFs as on June, 2018 is Rs. 489.46 billion," Labour Minister Santosh Gangwar said in written reply in the Rajya Sabha.
The EPFO's apex decision-making body the Central Board of Trustees (CBT) at its 207th meeting held on March 31, 2015 decided to invest only in ETFs in the category of equity and related investments.
In a separate reply, the minister said," The CBT in its 222nd meeting held on June 26, 2018 has considered a proposal for insertion of paragraph 68HH in the EPF Scheme, 1952 to enable a member who is no longer in employment for a continuous period of one month, to avail (withdraw) 75 per cent of the total fund standing to his credit."
According to Paragraph 69(2) of Employees' Provident Funds (EPF) Scheme, 1952, a member can withdraw the full amount standing to his credit in the fund on ceasing to be an employee in an establishment for a continuous period of two months immediately preceding the date on which he makes an application for withdrawal. The requirement of two months waiting period shall not, however, apply in cases of female members resigning from the services of the establishment for the purpose of getting married.
