Investigation Into EPF Investment

Employees’ Provident Fund (EPF) is a retirement fund of private sector workers managed by state  authorities . Government EPF Management   Authorities take decision on investing EPF funds. In the recent past there was public cry that the EPF was invested not in gainful enterprises.

With regard to the operations of the EPF, the Monetary Board, during the past six months, has taken several measures to strengthen the decision making process with respect to investments.

 Central Bank’s governing Monetary Board was conducting its own investigation into deals made in the EPF. The law enforcement authorities have also been requested to carry out an external independent investigation into the issuance of Government securities in 2015 and 2016 and related matters, as it involves examining internal operations carried out by the staff of the Central Bank.

The central bank said it was taking action to fix the management of the EPF.