The Employees Provident Organisation (EPFO) is reviewing the investments made by companies, managing their own provident fund, towards crisis-hit Infrastructure Leasing & Financial Services (IL&FS).
The EPFO has written to 1,374 companies managing the employees’ provident fund (EPF) accounts of their employees on their own, known as exempted firms, asking them about the exposure towards IL&FS, a top EPFO official said on Monday.
“In any case, employees will not bear any loss. The law says that exempted firms will have to bear the loss due to its bad investments to employees,” the official added. The EPFO is expected to get an update within the next two weeks.
