Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
January 2019 saw the maximum number of employment being generated since the data from September 2017, reports Indivjal Dhasmana.
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
Interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021, a move aimed at taxing high-value depositors in the EPF. Finance Minister Nirmala Sitharaman said the Employee Provident Fund (EPF) is aimed at welfare of workers and any person earning less than Rs 2 lakh per month will not be affected by the Budget proposal. Expenditure secretary T V Somanathan said the number of people who actually contribute more than Rs 2.5 lakh is less than 1 per cent of the total number of contributors in the EPF.
The 8.1 per cent interest rate was recommended by the Central Board of Trustees after its meeting in Guwahati under the chairmanship of Union Labour and Employment Minister Bhupendra Yadav, a labour ministry press statement said.
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.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
EPFO has verified or attested 64.67 lakh Aadhaar numbers.
Retirement fund body EPFO has retained 8.5 per cent interest rate on employees' provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday. A large number of the members of the Employees' Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI. The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members' account for the last financial year.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
Labour Minister Santosh Gangwar said, the purpose of labour reforms is to provide a transparent system to suit the changed business environment.
Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
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.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
A sub-committee of the country's biggest provident fund, EPFO, is believed to have recommended slashing of interest rates to 8% for its 3 crore subscribers, even as some trade unions pitched for hiking the rate to 12%.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
Two simple steps can solve your problem
Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report. Another silver lining is the massive 60 per cent increase in the number of Jan Dhan accounts to over 41 crore and the balances in them, which also indicate the fall in crimes during the lockdown months, SBI Research said in a report on Tuesday. After a significant reduction in remittances due to the lockdown in April, it improved in June and July, and the numbers in September have crossed the pre-pandemic level in February.
EPF subscribers whose accounts have not been credited with deducted money can complain to EPFO or labour ministry.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
As long as a provident fund continues to be exempt from tax at all stages, it is the best option to build a retirement corpus.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
Some cases are pending for two years.
The the scheme has a subscriber base of 35 million.
Overall, the MF industry saw nearly Rs 5 trillion, or 18 per cent, of asset erosion in March, with the asset base shrinking to Rs 22.26 trillion from Rs 27.22 trillion at February-end.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Last week, the Ministry of Labour and Employment suspended the second in command in EPFO's Hyderabad office.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
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