The retirement fund body is yet to start the process to determine the return on EPF savings for 2022-23. While no date is set yet for the EPFO's Central Board of Trustees (CBT) to meet, a vital investment oversight panel of the board is in suspended animation.
Several trustees of the CBT have expressed unhappiness over the situation and said they do not know the status on various developments at the EPFO, including the interest rate for 2022-23, the pending interest credits for 2021-22 and the action being taken on the recent Supreme Court ruling on higher pension for EPF members.
The EPFO, the country's second-largest fund manager, had total investments of over 11 trillion as on March 31, 2022.
The suspense on this year's EPF rate is even as two-thirds of the subscribers are still to get the 8.1% interest credit for 2021-22.
More importantly, the board's Finance Investment and Audit Committee (FIAC), which is responsible for monitoring the EPFO's investments and recommending the EPF rate each year based on the earnings on its massive portfolio, is yet to be reconstituted after it was disbanded late last year.
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