A spanking new but restive community of salaried employees is concerned about its money deposited with the Employees Provident Fund Organisation (EPFO). At the cutting edge of the ever burgeoning IL&FS crisis, these employees are exposed to toxic investments. Most of these Employee Provident Funds and Employee Pension Funds have stated that the IL&FS resolution plan must provide repayment before secured creditors as the resolution framework proposed by the company doesn't provide for any payment to secured creditors. Till September last year, Indian rating agencies, not realising that IL&FS was set to implode, were giving Triple A rating to the bonds. After all it is salaried employees who are now staking claim to their hard-earned monies.

Source: Mint February 17, 2019 13:30 UTC