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Rajya Sabha
The Corpus of the Employees’ Provident Fund as on March 31, 2005 was Rs. 79,764.48 crore. The Government is not investing any portion of the Fund in Stocks and Shares.
As per the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the employers and the employees contribute at a rate of 12 per cent each of the basic wages of the employees. Out of 12 per cent of employers’ contribution, 8.3 per cent is diverted to the Pension fund for providing pensionary benefits to the subscribers and their families and the balance 15.6 per cent is deposited in the Provident Fund The amount outstanding at the credit of the members’ account cannot be diverted for any other purpose. Therefore, it is not possible to divert a portion of the Fund for any social welfare activity. This information was given by the Minister of Labour and Employment, Shri K. Chandrasekhar Rao in a written reply in the Rajya Sabha.
MLD:LK:L-64(RS)July28
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