EPFO fund body EPFO is likely to increase the maximum amount assured under its Employees' Deposit Linked Insurance Scheme (EDLI) to Rs 550,000 from the existing Rs 360,000.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
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Often criticised for offering less attractive interest rates than banks for most of the last five years, retirement fund manager EPFO hiked the annual rate of returns on employee provident funds to 9.5 per cent in 2010 and this time around, the banks were left behind.
The finance ministry wants the Employees' Provident Fund Organisation to bypass the central board of trustees when deciding how to invest a portion of the Rs 5-lakh crore (Rs 5 trillion) provident fund corpus in the capital market.
There are differences between the ministries of labour and finance on the issue.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
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For the sixth year in a row, over 4.7 crore (47 million) subscribers of retirement fund manager EPFO are likely to get 8.5 per cent interest on their deposits in the current fiscal.
The EPFO on Friday deferred a decision on interest rate on provident fund deposits for 2010-11 following pressure from trade unions that want rates to be raised to 9.5-10.5 per cent from 8.5 per cent.
The decision would leave a surplus of Rs 15.26 crore.
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
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The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
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Over 4.7 crore (47 million) employees are likely to get an interest of 8.5 per cent in 2010-11 on their provident fund deposits of about Rs 2.5 lakh crore (Rs 2.5 trillion), a return authorities have been giving for the past five years.
The EPFO has about 5 crore (50 million) subscribers and the decision will have a bearing on their retirement fund.
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A consensus eluded the Central Board of Trustees on the controversial issue of interest rates for 3 crore (30 million) provident fund subscribers amid indications that the board would take up the matter next month.
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The Central Board of Trustees of Employees Provident Fund is likely to defer a decision on interest rate to be given to its more that 4 crore (40 million) employees this fiscal.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
The EPF Board on Saturday failed to clinch the contentious issue of interest rate for the current fiscal for its four crore subscribers and rejected finance ministry's proposal to invest 5 per cent of the EPF money in the equity market.
EPFO had started investing ETFs in August last year.
Trade unions' had demanded 8.9 per cent interest rate.
EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present.
The meeting of Central Board of Trustees is likely to be stormy on Thursday with both right and left wing trade unions making up plans to demand at least 9.5 per cent EPF rate
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
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