(a) the total accumulated amount of Provident Fund contribution and Employees` Pension Fund stands at present;
(b) the accumulated huge funds have been earmarked for the social sector; and
(c) the manner in which these funds are being utilised?
(a) the total accumulated amount of Provident Fund contribution and Employees` Pension Fund stands at present;
(b) the accumulated huge funds have been earmarked for the social sector; and
(c) the manner in which these funds are being utilised?
MINISTER OF STATE FOR FINANCE
(SHRI BALASAHEB VIKHE PATIL)
(a): As on 31.3.99, progressive total of Employees Provident Fund
contribution was Rs.65,523.08 crore and that of Employees
Pension Fund was Rs.15,586.90 crore.
(b) & (c): These funds are invested in different securities as per the
Investment Pattern prescribed by Government. The latest Pattern
of Investment is enclosed.
INVESTMENT PATTERN
% age amount be invested
(i)Central Government Securities as defined in Sec.2 of the Public Debt Act, 1944 (18 of 1944); and/or units of such Mutual Funds which have been set up as Twenty Five dedicated Funds for investment in Government Securities percent and which have been approved by the Securities and Exchange Board of India;
(ii) (a)Government Securities as defined in Section 2 of the Public Debt Act, 1944 (18 of 1944) created and issued by any State Government; and/or units of such Fifteen Mutual Funds which have been set up as dedicated percent Funds for investment in Government Securities and which have been approved by the Securities and Exchange Board of India; and/or
(b)Any other negotiable securities the principal whereof and interest whereon is fully and unconditionally guaranteed by the Central Government or any State Government except those covered under iii (a) below.
(iii) (a)Bonds/.Securities of `Public financial institutions` as specified under Section 4(1) of the Companies Act; Forty `public sector companies` as defined in Section 2(36-A) percent of the Income Tax Act, 1961 including pubic sector banks and the Infrastructure Development Finance Company Limited (IDFC); and/or
(b)Certificate of deposits issued by pubic sector banks.
(iv) To be invested in any of the above three categories as Twenty decided by the Trustees. percent