Concerned over its exposure in IL&FS bonds, the Employees’ Provident Fund Organisation (EPFO) wrote to the Finance Ministry over protecting the retirement fund money of its subscribers.
“Letters have been written to the Finance Minister and also to Corporate Affairs,” Central Provident Fund Commissioner Sunil Barthwal told IANS. However, Barthwal made it clear that the EPFO’s exposure in the debt-ridden company’s bonds is “very less” considering its total corpus.
“Till now there has been no default by IL&FS in paying our interest amount or any principal amount. Now we will have to see, what happens when our interest becomes due. That we are watching,” Barthwal said without divulging the amount of investment in the bonds.
Meanwhile, EPFO on Thursday hiked interest rate from 8.55 per cent to 8.65 per cent for fiscal 2018-19….