EPF nominations decide inheritance -- here's what happens if you don't file.
The Employees' Provident Fund Organisation (EPFO) board has approved liberalised part withdrawals for subscribers, allowing up to 100 per cent EPF withdrawal, and rolled out the 'Vishwas Scheme' to reduce litigation through rationalised penal damages.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
Employees' Provident Fund Organisation has been allowing members to contribute more than mandatory amount towards their pension account.
Six firms have qualified for managing EPFO funds.
A formal sector worker can contribute towards pension scheme till the age of 58.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
The government has also revised the minimum wages for unskilled non-farm workers upwards by 42 per cent to Rs 350 per day
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