EPF invests its Rs 287 billion in different sectors

Kathmandu / Sept 16: The Employees’ Provident Fund has invested Rs 287 billion or 98.34 percent of the total fund in different sectors.

Out of total investment, 58 percent has been disbursed as loan to its contributors, 16 percent as project loan, 19 percent is in fixed deposit of commercial banks and the remaining seven percent has been invested in other sectors.

At the 57th anniversary of the EPF, it was shared that a total of Rs 292 billion has been deposited in the Fund. The EPF made a net profit of Rs 3.52 billion in the fiscal year 2017/18.

Addressing the ceremony, Finance Minister Dr. Yubraj Khatiwada said the government was doing homework to provide social security to those employed in agriculture, labor, and other sectors through the Fund. He was of the view that employees’ right to housing should be guaranteed, advising the Fund to switch to mid-term interest rate system and establish itself as a capable body to operate the capital market. He urged employees to receive facilities through an increase in productivity.

Revenue secretary at the Finance Ministry, Shishir Kumar Dhungana, said preparations were underway to constitute a body to regulate all sorts of funds. EPF contributors should be entitled to its facilities as per the principle of social justice.

EPF administrator Tulsi Prasad Gautam informed the programme that it planned to bring employees of all sectors to the system and benefits of EPF. RSS