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Government may convert EPFO into a fund manager, says report

Government may convert EPFO into a fund manager, says report

Government may convert EPFO into a fund manager, says report
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By CNBC-TV18 Oct 22, 2018 9:38 AM IST (Published)

The government is considering converting the Employees’ Provident Fund Organisation (EPFO) into a fund manager, reported The Economic Times.

The government is considering converting the Employees’ Provident Fund Organisation (EPFO) into a fund manager, reported The Economic Times.

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The development would mean that the executive functions of the EPFO would be moved to state social security boards once the plan becomes a reality, the report said citing an unnamed senior government official .
The report added that after the conversion the ‘EPFO will essentially be a fund manager that would declare annual interest rate on provident fund deposits based on the returns on its investments.’
The conversion, however, will not be easy as this would mean bringing drastic changes in the current organizational structure of the EPFO, said the report.
 
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