Financial Daily from THE HINDU group of publications
Tuesday, May 13, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 13, 2003 |
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Opinion
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Letters Pension funds
This is with reference to "Will pension funds exploit equity premium?" (Business Line, May 12). The Employees Provident Funds and Miscellaneous Act, 1952 is a social welfare legislation. Investment of authority on the Government to control the administration of the Provident Fund is only to ensure that the Fund is administered well, and the workers get maximum benefits. However, it is surprising to note that the Centre has shackled the EPF money by prescribing low-yielding investment patterns, thus, depriving the workers of their rightful benefits. It is high time Parliament looked into the matter and allowed the Central Board of Trustees, EPF to invest the money in secured high-yielding investments. It is also essential to discourage premature withdrawal of money from the provident fund in the name of "advances". C. Ramesh Keeramangalam (TN) Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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