India invites bids to manage pension scheme

India invites bids to manage pension scheme
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First Published: Thu, Apr 17 2008. 12 29 PM IST
Updated: Thu, Apr 17 2008. 12 29 PM IST
Reuters
New Delhi: India’s largest pension fund on Thursday invited bids from fund managers to manage its flagship scheme, with a corpus of more than 1.56 trillion rupees ($39 billion), an advertisement in Times of India newspaper said.
The government-run Employees’ Provident Fund Organisation (EPFO) said that portfolio or fund managers have to be registered with either the Securities and Exchange Board of India or the Reserve Bank of India to qualify for the job.
Fund managers have to send their applications to EPFO by April 30, it said.
For details, click www.epfindia.gov.in or www.epfindia.com
In January, the EPFO said it would pay a 8.5% interest rate to its subscribers, numbering more than 43 million, on their contributions for the year that ended on March 31, 2008.
The EPFO now manages three schemes -- the flagship Employees’ Provident Fund, the Employees’ Pension Fund and the Employees’ Deposit Linked Insurance Fund -- with more than Rs 2.16 trillion under management.
The funds are allowed to invest only in bonds issued by federal and state governments and state-run companies and not in equities.
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First Published: Thu, Apr 17 2008. 12 29 PM IST