Government investing EPF money cautiously

Government investing EPF money cautiously

New Delhi, Aug 2 (IANS) Assuring opposition parties in Rajya Sabha that money from Employees’ Provident Fund (EPF) was being invested cautiously, the central government on Tuesday said indications of getting good results from the investments are “very positive”.

“We have taken very cautious approach. Indications are very positive and economic growth is also picking up,” Minister of Labour and Employment Bandaru Dattatreya told the Upper House while responding to apprehensions of opposition members on EPF money being invested in the stock market.

Ahmed Patel of the Congress had moved a Calling Attention Motion on the issue.

“Neither I am a capitalist, nor a socialist, but I am a true nationalist,” the minister told the house, trying to assure that the system adopted by the government will ensure good economic returns.

He said all concerns expressed by various members were valid but everything was being done with utmost care.

“I am a pro-worker (person),” he said, adding that government is aware that it was a hard earned money of the people and hence that government has given a good interest rate on the EPF funds.

Opposition members, specially from the Congress party, were not satisfied by the minister’s reply and Congress leader Ahmed Patel wanted to move a resolution in the house.

Deputy Chairman P.J. Kurien, however, did not allow him to move any resolution, saying that rules do not allow it and if he still wants to have a resolution moved on it, he could do so after giving prior notice on it.

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