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Where all is your Provident Fund contribution money being spent by EPFO?
Where all is your Provident Fund contribution money being spent by EPFO? Explained
EPFO invests the money in various instruments to pay interest to its subscribers and provide maximum safety, stability and guaranteed returns for retirement.
New Delhi: The Employees’ Provident Fund (EPF) is one of the biggest pools of long-term savings for salaried employees. A government-backed retirement savings scheme, EPF is designed for salaried employees and is managed by the Employees' Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment. The government provides the PF as a mandatory social security benefit to ensure financial stability for salaried individuals during their retirement years.
However, few of us know that the EPFO invests the money in various instruments to pay interest to its subscribers and provide maximum safety, stability and guaranteed returns for retirement.
Any business establishment employing 20 or more workers is required to register with the EPFO and provide PF to employees. The standard contribution to the EPF is 12 percent of the base pay plus dearness allowance from both the employer and the employee.
EPF divided into three parts
The employer's 12 percent share of EPF contributions is generally divided into three parts of EPF, EPS and Employees' Deposit Linked Insurance (EDLI). Of the employer's contribution, 3.67 percent is deposited into EPF. Specifically, 8.33 percent is directed towards the EPS scheme to provide a pension to employees. And, 0.5 percent goes toward EDLI.
The entire 12 percent contribution from the employee's side of their basic salary and dearness allowance is deposited directly into their EPF account. This amount earns interest which serves as long-term retirement savings.
Employees can withdraw all of their EPF balance when they retire at the age of 58. A full withdrawal is allowed if employees have served for less than 10 years but if they have served for more than 10 years then only a monthly pension is paid after age 58. Employees can also withdraw the full amount if they are unemployed for two months after leaving their job. If a member is unemployed, they can withdraw up to 75 percent of the total PF balance right away and the remaining 25 percent after one year. Partial withdrawals of between 50 and 90 percent of the balance are allowed for specific needs such as marriage, education, medical and housing.
Where are contributions invested?
With contributions from both employers and employees, these funds are invested in a mix of debt and equity instruments to build a secure retirement corpus for employees. These funds are invested safely in government or debt securities to provide guaranteed returns for retirement.
The EPFO parks a portion of the fund in debt instruments and the remaining in exchange-traded funds (ETFs). The EPFO invests in ETFs based on Nifty 50, Sensex, Central Public Sector Enterprises and Bharat 22 Indices. The EPFO does not invest in shares and equities of specific companies.
The CBT appoints portfolio managers and ETF manufacturers to handle the investments. The Financial Consultant of EPFO and the External Concurrent Auditor track all the investments made by the portfolio managers and ETF manufacturers.
Source: ZeeNews
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