While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
When and how you can access EPF money before retirement without jeopardising your long-term retirement savings.
Here's unlocking the real story behind your EPF's 8.25% interest and what it truly means for your retirement kitty.
Such issues need to be addressed quickly to ensure your retirement savings are not affected.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
It is important to have the necessary documents on hand to verify the information in the form.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
Apart from this, employers may be allowed to deduct EPF contributions only on the basic pay of up to Rs 15,000, even if the employees' basic pay is above this ceiling. While on one hand this will allow companies to lower their wage bills, employees can also get a higher salary in hand.
Under the Atmanirbhar Bharat Rozgar Yojana announced by the Centre to incentivise formal sector job creation, all 'new employees', who were never a part of the EPF system in the past, and those who made an exit from employment during the Covid-19 pandemic from March 1, 2020, to September 30, 2020, will be eligible for the benefit.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
Under the scheme, the government will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020, and up to June 30, 2021, Labour Minister Santosh Gangawar said in a briefing on the Cabinet decision.
Did you know that your EPF contribution also goes towards insuring you, giving you and your spouse a pension apart from giving you a lump sum amount after retirement?
The Employee Provident Fund (EPF) contribution should no longer be restricted to 12% of basic and dearness allowance, according to a recent circular.
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
Once the new rules kick in, you will have less cash-in-hand and may feel tempted to scale back on savings and investments.
In a bid to take forward labour reforms, the government on Thursday said units in the special economic zones will be exempted from making contributions to Employees Provident Fund and Employees State Insurance for five years.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
Few options that can help you plan taxes wisely.
The proposal had attracted strong criticism from the salaried class.
No attention to detail seems to have been paid while introducing such a major provision and the wide arc of people it will take in its ambit, states Harsh Roongta.
'Every Indian citizen is already exposed to massive digital surveillance and most are already vulnerable to data theft and cyber-impersonation as well,' points out Devangshu Datta.
When looking at fund returns, avoid looking at just the past 12 months' performance, says Sanjay Kumar Singh
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
'What is this new PF rule? Complete nonsense!' 'I want my PF money right now and not when I am 58 years old.'
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
One popular strategy is to hire contract workers.
The deduction will be higher and net take-home pay will fall.
While an occasional big expense is fine, it is important to maintain a lifestyle that leaves enough surplus to invest and save.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
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