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EPFO's Plan to Invest in SBI Mutual Fund



EPFO's Plan to Invest in SBI Mutual Fund
Employees' Provident Fund Organization(EPFO) has started investment in Exchange Traded Funds (ETFs) through SBI Mutual Fund, the total Asset Under Management (AUM) of which is expected to be around Rs. 5,000 crore at the end of this financial year.


As per the draft Annual Report for the financial year 2014-15, EPFO manages Rs. 3.79 Lakh crore in Employees’ Provident Funds (EPF) Scheme, 1952, Rs. 2.38 lakh crore in Employees’ Pension Scheme (EPS), 1995 and Rs.0.15 lakh crore in Employees’ Deposit–Linked Insurance (EDLI) Scheme, 1976. The total number of subscribers as per the said Draft Annual Report is 3.49 crore.

At present, no such proposal is under consideration.

This information given by Minister of State (IC) for Labour and Employment , Shri Bandaru Dattatreya, in reply to a question in Rajya Sabha today.

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Workers Covered by ESIC

            In reply to a question in Rajya Sabha today,the  Minister of State (IC) for Labour and Employment, Shri Bandaru Dattatreya,  gave this  information.

The details of the present coverage of the Employees State Insurance Corporation (ESIC) are under:
            * No. of Centers                     830
* No. of Units                         723756
* No. of IPs/family units        20343800
* No. of Employees                17954970

            At present Unorganized workers are not covered under the ESI Act, 1948. However, on site workers deployed in implemented areas are covered under the ESI Act, 1948, and workers hired through Agency drawing wage upto 15,000/- are enrolled as per section 2(9) of the ESI Act, 1948.
            Statistics regarding number of such workers is not maintained by ESIC.
            The proposal to extend the coverage of ESIC to these workers is under consideration of the Government.  

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Amendments in ESI Act, 1948
Government has decided to amend ESI Act, 1948 to provide option to the employees for choosing a Health Insurance Product recognized by Insurance Regulatory Development Authority (IRDA), exemption from consultation with UPSC in respect of Group ‘B’ posts carrying Grade Pay of Rs. 4800/-.

The proposed amendments have been discussed with stake holders in Tripartite consultation held on 13.8.2015. These were again discussed with Trade Union on 6.10.2015. Based on the discussion, a draft Cabinet Note is under preparation.

This information given by Minister of State (IC) for Labour and Employment , Shri Bandaru Dattatreya, in reply to a question in Rajya Sabha today.
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Enhancement of Insurance Benefit to Dependents of EPF Members
The condition of continuous employment of one year under current employer was in place for eligibility for enhanced benefits of Employees’ Deposit Linked Insurance (EDLI) under para 22(3) of the Employees’ Deposit-Linked Insurance (EDLI) Scheme, 1976. The Central Board of Trustees has recommended removal of this norm so that all members are eligible for the enhanced benefits. The proposal is under consideration of the Government.

The membership of EDLI Scheme, 1976 is available to members of the Employees’ Provident Funds Scheme, 1952 from the date they become such members.

This information given by Minister of State (IC) for Labour and Employment , Shri Bandaru Dattatreya, in reply to a question in Rajya Sabha today.
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Revised cost estimates for setting up of five Indian Institutes of Science Education and Research
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the revised cost estimates to the tune of Rs. 4,799 crore as against the originally approved cost of Rs,2,500 crore, for setting up of five Indian Institutes of Science Education and Research (IISERs) at Kolkata, Pune, Mohali, Bhopal and Thiruvananthapuram.

While construction of these five Institutes is in progress, approval of the revised cost estimates will enable the Ministry and the Boards of Governors of the Institutes to enhance the pace of work and expeditious completion of fully operational permanent campuses with 9,275 students, 928 faculty and 1,020 non-teaching staff by 2018-19.

These institutes will integrate Under-graduate education, Post-graduate education and research under the same umbrella. They will interact with National Laboratories, and other research institutes to develop a synchronous environment for research that would transcend rigid administrative structure and also encourage interdisciplinary research.

Many areas of basic science eventually evolve as applied sciences e.g. lasers, super conductivity, semiconductors, nano-materials etc. Research in such areas can generate significant intellectual properties which have the potential for generating sizeable revenue.

These institutes would also contribute to highly competent and trained manpower that would be a major catalyst for technological human resource revolution that would inevitably have an impact on the economic growth of the country.


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