Employees’ Provident Fund Enters Into 60th Year
September 16, 2021 | Investopaper
The Employees’ Provident Fund has entered its 60th year from Thursday. In its years of existence, the total investment of the Fund has increased to Rs. 436.54 billion until the Fiscal Year 2077/78. The fund invests in loans and shares in various projects and institutions.
As per the details made public by the fund, the total resources have reached Rs 444.47 billion while the reserve and surplus of fund is Rs 40.16 billion. The reserve fund of the savers is Rs. 398.06 billion. The pension fund has Rs 1.58 billion while the fund has liabilities of Rs 4.67 billion.
The provident fund has been providing 6.50 percent interest on the accumulated amount to the employees. The saver can take a special loan of up to 80 percent of the amount in the provident fund. The interest rate is 7.60 percent. There is a maximum interest rate of 7.90 percent up to Rs 10 million as home loan. Educational loans are available at 7.90 percent interest rate. Likewise, other loans are available at 8 percent.
The fund is running social security programs including accident compensation scheme, ceremony grant expenses, maternity and child care scheme and accumulator medication and fatal disease insurance scheme.
