EPFO surplus likely to reach Rs 1,600 crore by the end of this year, Says Labour Minister

Hyderabad, June 4 (KNN) Union Labour Minister Bandaru Dattatreya said that the Employees Provident Fund Organisation (EPFO) is likely to have a surplus of Rs 1,600 crore by the end of this year.

Speaking to Reporter in Hyderabad, the Minister said that at a time when interest rates in all banks are coming down, our EPFO took good initiatives and did portfolio management properly. We gave 8.8 percent interest rate.

Despite that, we are still likely to have a surplus of Rs 680 crore. There is a chance of that going up to Rs 1,600 crore by this year end," he said.

Noting that the government is working on providing universal minimum wage, the minister said the statutory amendments (in Parliament) need to be made to make it mandatory.

He assured that the government has held talks with trade unions and different ministries on providing universal minimum wage.

The minister said the Labour Ministry would organise an exhibition and seminar on the achievements on June 4.

Conventions would be held across the country to raise awareness among workers and employees on the measures taken by the ministry, he said. (KNN Bureau)