Savings of the employees of various organisations towards port-retirement benefits is set to cross Rs.10 lakh-crore mark by year-end, according to the Employees Provident Fund Organisation (EPFO).
EPFO handles pension accounts of over 8.5 crore employees from 6.32 lakh establishments in the formal sector, making it India’s second largest non-banking financial institution. The only other financial institution handling a larger size of pension funds is the Life Insurance Corporation of India (LIC).
According to top EPFO official, the organisation will touch the magic figure of Rs.10 lakh-crore by the year-end.
In the next fiscal, EPFO is likely to receive Rs.1,15,000 crore fresh accruals from employee contributions, which is at least 15 per cent higher than originally estimated. In view of its swelling coffers, it is planning to investment in new avenues.
