Retirement fund body EPFO will provide permanent or universal account numbers on the pattern of core banking services to its over 5 crore active subscribers.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
Some of the violations that will lead to community service include failure to pay social security contribution of workers, maintain records, furnish information to inspectors, pay gratuity to workers, provide crche facility and medical pay, and retrenching women workers during maternity leave.
The meeting has been called as the Finance Minister P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the Employees' Provident Fund Organisation.
'Now, we have a minimum pension of Rs 1,000 annually.'
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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Fund managers will be given more flexibility to invest in corporate bonds.
Around 81 per cent of the workers constitute the unorganised sector - devoid of any social security cover and outside the purview of a complex set of labour laws.
Every organisation will also prioritise the areas requiring mandatory inspection, and the cases forwarded by the CAIU will be on data and evidence basis.
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.
One risk of investing in a very low-cost ETF is if a fund house runs it at below cost, it could close it if it fails to attract institutional money
Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year.
At present, the EPF subscribers are exempted from paying income tax on deposits.
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
It is not advisable to touch retirement corpus if property is being purchased for investment.
There will be tripartite pact with member, bank/housing agency and EPFO.
The Labour Ministry has relaxed investment norms for retirement fund manager EPFO, but refrained from allowing the body to invest a part of its huge corpus of around Rs 5 lakh crore in equity markets.
The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.
EPFO has recently issued Universal PF Account Numbers for 4.17 crore contributing members.
The EPFO launched one-page simplified forms for withdrawal.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
T C A Anant, former chief statistician to the government, will soon be heading a panel to decide whether the monthly payroll data released by EPFO, ESIC and PFRDA could replace the quarterly enterprises-based survey on job creation by the labour bureau, the prime minister's office decided last week.
The overall message to the middle class is: the days of freebies are over.
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
The decision to suspend this benefit will hit 32 lakh pensioners.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
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.
Given the rapid changes in the Indian labour market, there is an urgent need to have current, accurate and publicly available data through regular, dynamic and comprehensive surveys. Indeed, this was the intention behind constituting the NITI Aayog Task Force on Improving Employment Data. The attempts by the government to "improve" labour data has actually made it worse, say Rosa Abraham, Janaki Shibu & Rajendran Narayanan.
EFPO launched a number of new facilities this year.
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
Six firms have qualified for managing EPFO funds.
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