“The EPFO has never submitted any proposal to the Union government to compensate for losses due to its investments. There is no question of approaching the central government and the CBT is solely responsible for the management of the fund,” said another senior EPFO official.
After the EPFO trustees’ meet last month, Gangwar had said, “Looking at the present situation and after much deliberation, we have decided to keep the rate of interest at 8.55 per cent. We are keeping adequate surplus. We hope the finance ministry approves it.” He also said that the EPFO had kept a surplus of Rs 6.9 billion while announcing an interest rate of 8.65 per cent for 2016-17.
During the meeting, the government nominees in the CBT had pushed for keeping the interest rate at 8.5 per cent. However, trade union leaders demanded the interest rate be kept at 8.65 per cent, which would have left the EPFO with a surplus of Rs 480 million.