EPFO earned more, paid less to members in 4 fiscals, says CAG
19 Feb 2014 12:18 AM GMT
Retirement fund body EPFO paid lesser amount as interest on PF deposits of over five crore subscribers than its earnings between 2007-08 and 2010-11, government auditor CAG has said.
‘EPFO (Employees’ Provident Fund Organisation) has been paying lesser amount as interest to subscribers than it has been earning on the corpus (except in 2006-07 and 2011-12),’ the Comptroller and Auditor General of India (CAG) has said in a report on EPFO for 2011-12, tabled in Parliament on Tuesday.
The CAG has analysed data on interest earned and paid to subscribers by EPFO between 2006-07 and 2011-12.
It observed that EPFO earned less on investments and paid more to subscribers in 2006-07 and 2011-12.
According to the report, EPFO earned Rs 7,779.63 crore in 2006-07 and credited Rs 7,976.24 crore into subscriber accounts in the same year. Similarly in 2011-12, it earned Rs 17,879.95 crore and credited Rs 23,145.81 crore accounts of PF subscribers.
In 2007-08, it earned Rs 8,706.88 crore on investments but credited Rs 7,854.60 crore only into subscriber accounts.
Similarly a lesser amount of Rs 9,268.15 crore was credited in members'accounts as against an income of Rs 10,667.43 crore in 2008-09.
In 2009-10, it credited Rs 9,631.96 crore as interest compared to its income of Rs 11,933.88 crore
It credited an amount of Rs 8,719.53 crore against an income of Rs 14,181.90 crore in 2010-11.
‘EPFO (Employees’ Provident Fund Organisation) has been paying lesser amount as interest to subscribers than it has been earning on the corpus (except in 2006-07 and 2011-12),’ the Comptroller and Auditor General of India (CAG) has said in a report on EPFO for 2011-12, tabled in Parliament on Tuesday.
The CAG has analysed data on interest earned and paid to subscribers by EPFO between 2006-07 and 2011-12.
It observed that EPFO earned less on investments and paid more to subscribers in 2006-07 and 2011-12.
According to the report, EPFO earned Rs 7,779.63 crore in 2006-07 and credited Rs 7,976.24 crore into subscriber accounts in the same year. Similarly in 2011-12, it earned Rs 17,879.95 crore and credited Rs 23,145.81 crore accounts of PF subscribers.
In 2007-08, it earned Rs 8,706.88 crore on investments but credited Rs 7,854.60 crore only into subscriber accounts.
Similarly a lesser amount of Rs 9,268.15 crore was credited in members'accounts as against an income of Rs 10,667.43 crore in 2008-09.
In 2009-10, it credited Rs 9,631.96 crore as interest compared to its income of Rs 11,933.88 crore
It credited an amount of Rs 8,719.53 crore against an income of Rs 14,181.90 crore in 2010-11.
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