ENTRUST NATIONAL PENSION SYSTEM TO EPFO
February 11, 2016
Entrust NPS to EPFO
This refers to the report “EPFO Plans One-time Bonus of Rs750Cr in FY16” (Economic Times, February 11). This is a welcome move from EPFO, which sends out a message that the EPFO is managing the huge corpus of funds entrusted to it by small savers professionally and when surplus income is earned from investment of such funds, a part of it shall be shared with the owners of the corpus. Government should not dampen the initiative by raising issues like the impact on interest rates elsewhere.
A related issue is the continuance of National Pension System(NPS) as an independent scheme. For Centre, it will be expedient from management and administrative angles to entrust NPS also to the Employees Provident Fund Organisation after making necessary legislative changes.
M G WARRIER, Mumbai