The Pension Fund Regulatory and Development Authority will consider a proposal to manage the pension funds of companies at its board meeting on Wednesday, extending its role from being manager of individual pension plans.
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Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
The finance and investment committee of the EPFO, which met this morning, unanimously rejected the proposal for parking up to 15 per cent of its funds totalling around Rs 1,82,000 crore (Rs 1,820 billion) into shares of listed companies as also equity linked schemes of mutual funds. The committee, sources said, was opposed to the proposal of the finance ministry in view of the volatility witnessed in the stock markets in the recent past.
The Left parties on Tuesday lashed out at the UPA government equating it with the previous NDA regime for reducing the EPF interest rate and demanded reconsideration of the decision.
A consensus eluded the Central Board of Trustees on the controversial issue of interest rates for 3 crore (30 million) provident fund subscribers amid indications that the board would take up the matter next month.
The EPFO Board will for the third time meet in New Delhi on Tuesday to decide on the interest to be offered to its three crore subscribers this year, even as trade unions' demand higher returns.
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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.
Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Heavy Electricals Ltd, HMT and Maruti Udyog Ltd are among the corporates that defaulted in remitting their provident fund share to the Employees Provident Fund Organisation
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
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The Employees Provident Fund Organisation's apex decision making body, the Central Board of Trustee on February 25 had decided to pay 8.5 per cent rate of interest to subscribers for 2012-13.
"We should encourage greater outward investment by provident funds and insurance companies when inflows are high. Such diversification will make these funds more stable (give them less exposure to high volatility India markets)," said the draft report of the the Committee on Financial Sector Reforms, headed by former IMF Chief Economist Raghuram G Rajan.
For professionals, new pension scheme gives an equity booster but does not guarantee returns, comes at a cost.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.
The Union labour ministry has said that it can invest part of the Rs 5 lakh crore (Rs 5 trillion) provident fund corpus in the stock market provided the finance ministry guarantees safety of the workers' money.
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
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Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
The government has announced that an interim investment pattern would be notified for funds collected under the New Pension Scheme to allow 5 per cent investment of the corpus in stock markets.
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When the state is unable to provide adequately for the bottom half of the population, should it be giving tax benefits to the well-off?
43-year-old Ashutosh Astana, who has been in jail since his arrest in January last year, was found unconscious in this cell at around 1400 hrs , Jail Superintendent V K Singh told PTI. "He was sweating a lot and was rushed to the district MMG government hospital but doctors there declared him brought dead," Singh said, adding the exact reason of his death is yet to be ascertained.
EFPO launched a number of new facilities this year.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
Harshal Chandorkar of CIBIL answered queries on credit report and in an online chat with Get Ahead readers on october 28.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
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