Finance Minister Wagle States Employees Provident Fund's Purpose is Investment, Not Just Accumulation
Summary
Finance Minister Dr. Swarnim Wagle says the Employees' Provident Fund is meant to collect and invest money, not just accumulate it. He says the government is amending the law to broaden the fund’s scope and channel investments into higher-return areas.
Key Points
- Finance Minister Dr. Swarnim Wagle said the Employees' Provident Fund should focus on investment and returns, not only accumulation.
- He was speaking during debate on the bill to amend the Employees' Provident Fund Act 2019 in the House of Representatives.
- Wagle said the government wants to stop politically motivated investments and strengthen the fund’s long-term sustainability.
- He described the fund, with over 700 billion, as the government's largest financial instrument.
