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Telangana has 3 lakh new EPF accounts: Bandaru Dattatreya
Union Minister of State for Labour Bandaru Dattatreya said 67 lakh new accounts were started in the EPF this year from January till date.Speaking to the media here on Sunday, Dattatreya said three lakh new EPF accounts were started in the Telangana State.
Says his Ministry would conduct a study on efficient maintenance of Exchange Traded Funds by Brazil, Canada, America and Singapore by visiting those countries
Hyderabad: Union Minister of State for Labour Bandaru Dattatreya said 67 lakh new accounts were started in the EPF this year from January till date.Speaking to the media here on Sunday, Dattatreya said three lakh new EPF accounts were started in the Telangana State. He said Rs 11.50 lakh crore funds were there in the EPF and 4.10 lakh crore workers were members of the EPF. The government received 13.72 percent interest as the EPF deposited in Exchange Traded Fund.
He said that the EPF invested Rs 6,577 crore in 2015-16, Rs 14,983 crore in 2016-17 and Rs 22,858 crore in 2017-18 in Exchange Traded Fund. He said the department was investing only five to 10 percent funds of EPF in the Exchange Traded Fund.
He recalled Union Finance Minister Arun Jaitly’s statement made in the Parliament that the government would invest up to 15 percent funds of EPF in Exchange Traded Funds. He said the trade unions opposed the investment of funds of EPF in Exchange Traded Funds severely but the same trade unions welcomed the decision of the government in the meeting of Central Board of Trustees held at Pune on May 27.
There was a need to invest in such a way to compete with the changing world economical systems and to travel on par with the developed countries, he opined. He said they got Rs 234.86 crore dividend with the efficient maintenance.
He also said that his Ministry would conduct a study on efficient maintenance of Exchange Traded Funds by Brazil, Canada, America and Singapore by visiting those countries.
He said the Ministry linked 50 percent Universal Account Numbers (UAN) with Adhaar numbers. There are eight lakh companies in the country and 10 crore workers have Universal Account Numbers. He said revolutionary changes would take place in social security system. The Minister said it was good that managements and employees opposed the proposal of reducing the EPF share from 12 to 10 percent and it was a welcome change.
The confidence has increased on the programmes taken up by the NDA government in the last three years besides getting favourable response as favourable conditions were prevailing in the market and a chance for more investments. The Minister informed that his Ministry would appoint an experts’ committee to take a decision on the proposal of increasing the EPF pension from Rs 1,000 to Rs 3,000 following the proposal of trade unions.Regional EPF commissioners Krishna, Sanjeeva Rao, Chandrasekhar and Ravendra Kumar were also present.
