Retirement fund manager EPFO on Wednesday permitted appointment of UTI AMC and SBI Mutual Fund as its fund managers for three years, per a source.
Moreover, the Employees’ Provident Fund Organisation (EPFO) also permitted a proposal for early redemption of its funding of around ₹ 700 crore in bonds of terrorized Dewan Housing Finance Company Ltd (DHFL), at its trustees’ assembly held in Hyderabad.
“The EPFO’s apex resolution-making body Central Board of Trustees (CBT) headed by Labour Minister Santosh Gangwar has determined to nominate two fund managers UTI AMC and SBI Mutual Fund for a three-One year term,” the source acknowledged.
The source additional acknowledged, “The CBT also determined to snort early exit risk for redeeming its funding of around ₹ 700 crore in bonds of DHFL.”
Minimum month-to-month pension
The proposal to double minimal month-to-month pension Rs 2,000 underneath the Employees’ Pension Plot, 1995, become deferred as workers’ representative demanded for greater quantity, the source added.
The EPFO’s advisory body Finance, Audit and Investment Committee (FAIC) had finalised and suggested the names of three asset management firms — HSBC AMC, UTI AMC and SBI Mutual Fund — for their appointment as fund managers for three years starting put October 1, 2019.
The appointment of the fund managers for one other term of three years had been pending with the EPFO since April final One year. The body had appointed SBI, ICICI Securities Valuable Dealership, Reliance Capital, UTI AMC and HSBC AMC for three One year, starting April 1, 2015.
Thereafter, the EPFO gave many extensions to the 5 fund managers. Now, the prolonged term of the 5 fund mangers would expire on September 30.
The EPFO had appointed various fund managers for the predominant time in July 2008 for incomes greater rate of return on deposits for its subscribers. Before that, SBI become the one fund manager for the retirement fund body since its inception in 1952.