ESIC to invest corpus fund in markets
ESIC to invest corpus fund in markets. The Central government was thinking to invest Rs 36,000 crores corpus fund of Employee’s State Insurance Corporation (ESIC) in financial institutions and markets, said Union Minister of State for Labour and Employment Bandaru Dattatreya.
Hyderabad: The Central government was thinking to invest Rs 36,000 crores corpus fund of Employee’s State Insurance Corporation (ESIC) in financial institutions and markets, said Union Minister of State for Labour and Employment Bandaru Dattatreya.
He said the government would assign the study on the possibilities of investments to an eminent consultant, on the basis of the report decision would be taken. “The government is considering selecting portfolio managers of employees provident fund capital,” he said.
Speaking to the media here on Monday, Dattatreya said that ESIC had 2.25 crore insurers with 7.78 crore beneficiaries. “Every month ESIC makes Rs 1, 500 crore to Rs 2,000 crore fund. ESIC has invested corpus fund in 27 national banks which get 9.5 per cent to 10 per cent interest,” he added.
There is a long pending demand of construction of homes with low cost to the Employee Provident Fund Organisation (EPFO) account holders, this issue was examined in EPFO board of trustee meeting, said Dattatreya.
He further said that a proposal was sent to construct homes with Rs 27,000 crore from EPFO corpus fund and would take a final decision after discussion with employees, managements and board trustees. The Union Minister is participating in the 104th session of International Labour Conference being held in Geneva on June 10, 11 and 12 to deliberate on labour issues.
