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Congress defends EPFO decision

Special Correspondent

NEW DELHI: The Congress on Wednesday defended the move to allow three private companies, besides SBI, to manage funds with the Employees’ Provident Fund Organisation, saying it was in “public interest.” “The basic objective of the decision is to inject greater flexibility for higher returns. The proposal had been pending for three years,” said party spokesman Abhishek Singhvi.

Asked if it was true that the decision could not be made earlier because of opposition by the Left parties, who were then supporting the government, he said, “To an extent that is true. There is no internal governmental objection [now]. We took the decision in public interest and take responsibility for it.”

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