Big News For PF Account Holders, EPFO Can Give Big Advantage In The New Year
The Employees Provident Fund Organization (EPFO), which manages the retirement fund of employees, can give its shareholders the option to raise or lower their investments in the stock market from the new year. Apart from this, EPFO can also provide facilities such as digital security benefits and digital resources of management of funds.
At present, EPFO invests in 15% of the deposits of the account holders in the Exchange Traded Fund (ETF). So far, about 55,000 crore rupees have been invested in this item. However, the investments made in ETF do not appear in the account of the shareholders, nor do they have the option of increasing the investment limit in the stock from this future savings.
Labor Minister Santosh Gangwar said in an interaction with PTI that the Employees’ Provident Fund Organization is now developing a software that will show the separation of cash and ETFs separately in retirement savings. Currently, only savings are seen in the account, which includes other components including cash and ETF.
Once the cash and ETF portion of your EPF account starts appearing separately then the next step of the EPFO will be to give shareholders an option to increase or decrease the investment in the stock.
Earlier this year, the EPFO’s top decision-making unit, the Central Board of Trustees (CBT), had suggested to the stakeholders the possibility of providing more or less facility to the stock investment limit.