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3 lakh new EPF accounts started in Telangana: Dattatraya

Hyderabad: Union Minister Bandaru Dattatreya has revealed that 67 lakh new accounts were started in the EPF this year from January till date.
Speaking to the media here on Sunday, Dattatreya said that 3 lakh new EPF accounts were started in the Telangana state. He told that 11.50lakh crores fund was 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 iRs.6577 crore in 2015-16, Rs.14983 crore in 2016-17 and Rs.22,858 crore in 2017-18 in Exchange Traded Fund. He said that the department was investing only 5 to 10 percent funds of EPF funds in the Exchange Traded Fund.
He reminded Union Finance Minister Arun Jaitly’s statement made in the Parliament that the government would invest upto 15 percent funds of EPF in Exchange Traded Funds. He said that 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 that they got Rs.234.86crore 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 them.
He said that the Ministry linked 50 percent Universal Account Numbers (UAN) with Adhaar numbers. There were 8 lakh companies in the country and 10 crore workers have Universal Account Numbers. He said that there would be revolutionary changes will take place in social security system. The Minister said that it was happy 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 programs taken up by the NDA government in the last three years besides getting favorable response as prevailing favorable conditions in the market and a chance to investments. The Minister informed that his Ministry would appoint a experts committee take a decision on the proposal of increasing the EPF pension from Rs.1000 to Rs.3000 following the proposal of trade unions.
Regional EPF commissioners Krishna, Sanjeeva Rao, Chandrasekhar and Ravendra Kumar also present. (NSS)