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NEW DELHI: Come September and there will be multiple managers to coordinate corpus of the cash-strapped Employee's Provident Fund Organisation (EPFO).

The labour ministry is looking at options to introduce multiple fund managers to offer better services to the subscribers, a senior official said today.

"The Government has started the process to bring in multiple fund managers to manage the corpus fund of EPFO. Negotiations are on with big players. The Government will introduce multiple fund managers by September 1," Mr S K Srivastava, Joint Secretary i n the Ministry, said here.

"The proposal of investing five per cent of the corpus fund in stock market has been dropped because the board members do not consider it as a safe option," Labour Secretary, Ms Sudha Pillai said.

"They think the market is volatile and such an investment would be full of risks," she said. Turning to the issue of Special Economic Zones, she said it is mandatory to follow all labour laws in SEZs.

"As per the rulebook, all labour laws will be applicable in the Special Economic Zones. So, there should not be any confusion about it," Ms Pillai added. - PTI

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