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New Delhi, April 30 The employee provident fund (EPF) money will not be invested in equities, Mr Oscar Fernandes, the Minister of State (Independent Charge) for Labour and Employment, has said.

“The proposal regarding investment in equities was discussed in the 178th meeting of the Central Board of Trustees, Employees Provident Fund, and it was decided not to invest in equities,” Mr Fernandes said in a written reply in the Rajya Sabha.

The 178th meeting of the CBT was held in January 2007. The CBT then decided not to invest EPF money in equities, despite the Finance Ministry approved investment pattern allowing them to invest up to 5 per cent of EPF money in equities.

Meanwhile, the Finance Ministry is likely to, in the next few days, come up with a fresh draft on the investment guidelines for provident funds managed by the private sector.

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