Kolkata: With the Government deciding to stop fresh funds flow into the Special Deposit Scheme (SDS) for employees provident fund (EPF) investments, it was in the process of appointing a consultant for preparing a roadmap for future investing pattern.

Speaking to reporters in Kolkata today (Aug 7, 2004), Central Provident Fund Commissioner Ajai Singh said that Mercer would be appointed as investment consultant for which the contract would be signed shortly after getting approval from the Central Board of Trustees.

Singh said that Mercer would be given the mandate to prepare a roadmap for short-term and long-term investment pattern of funds parked under the EPF scheme.

He said that Mercer would be given four months time to come out with the report, adding that the appointment of the investment consultant had become necessary in view of fiscal management and for reducing debt-servicing liabilities.

Singh said that Mercer would primarily give suggestions on improving the performance of the funds for providing reasonable monthly pension for the existing workforce.

On SDS, he said that the scheme would be gradually withdrawn due to rising deficit on account of lower returns.