The Centre today said in the Lok Sabha that it does not intend to invest the provident fund of government employees, estimated at Rs 83,363 crore, in stock market. Minister of State for Finance Namo Narain Meena said “no” to a written question whether the government proposed to invest a part of the General Provident Fund (GFP) corpus in the stock market.
“The accumulations in the GPF is kept in the Public Account of India. Hence, there is no compromise on the safety of the GPF accumulation,” the Minister said, adding the total corpus as on March 31, 2009 was Rs 83,363 crore.
GPF maintains the pension fund of government employees, while Employees Provident Fund Organisation (EPFO) manages retirement fund of private and public sector enterprises.