CB: 8.5% of EPF in stocks
View(s):Approximately 8.5 per cent, of the Employees Provident Fund (EPF)’s Rs.2 trillion portfolio, would be invested ‘wisely’ in the stock market, the Central Bank (CB) Governor Dr. Indrajith Coomaraswamy has assured trade union leaders.
This came at a meeting on Wednesday between CB officials and trade union leaders including Leslie Devendra, Wasantha Samarasinghe and Palitha Athukorala.
CB officials led by the Governor promised to provide weekly updates of the return on investment once EPF funds are invested. Dr. Coomaraswamy also assured that investments will be made independently and not governed by any government considerations.
During 2010-2013, the EPF drew widespread criticism after investments in many loss-making companies in the stock market during the infamous pump-and-dump trades.