Question : FUNCTIONING OF EPFO

(a)the total number of members of Employees` Provident Fund Organisation (EPFO) and pensioners under Employees Pension Scheme in the country, as on date;

(b)whether the interest rate on contribution of such members and pensioners is hovering around 8 per cent during the last three years and if so, the details thereof and the reasons therefor;

(c)whether the EPFO has recently decided to adopt a new investment pattern in order to gain better returns and if so, the details thereof along with the mechanism through which the subscribers/ pensioners are likely to be protected from the risk of open market;

(d)whether the cases of irregularities/corruption in the functioning of EPFO have come to the notice of the Government during each of the last three years and the current year and if so, the details thereof, State/UT-wise and the reasons therefor along with the action taken/ being taken by the Government against the erring officials in such cases; and

(e)the other steps taken by the Government to improve the functioning of the EPFO?

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT(SHRI BANDARU DATTATREYA)

(a): As per Annual Administrative Report of Employees’ Provident Fund Organisation (EPFO) for the year 2013-14:

(i) Total number of members of Employees’ Provident Fund Organisation (EPFO) is 11.78 crore.

(ii)Total No. of pensioners under Employees’ Pension Scheme, 1995 is 46.91 lac.
(b): Rate of Interest on deposit in Employees’ Provident Fund depends upon the earnings on the investment of the EPF corpus.
Details of the rate of interest declared for the last three years are as under:

 Year	Interest rate 
 2012-13	8.50% 2013-14	8.75% 2014-15	8.75%