According to the law, the contribution "should not be more than 5 per cent of the amount paid to gig workers. The government is likely to start seeking contribution from gig companies towards the fund from April 1, 2021.
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Companies providing portfolio management services (PMS) had a tough time beating the benchmark index in January, with more than half of the schemes invested in large companies underperforming in the run-up to the Union Budget. The Nifty 50 index was down 2.5 per cent during the month. Only around 44 per cent of PMS schemes did better, among the schemes investing in large-cap companies. The analysis is based on data from industry tracker PMS Bazaar. Half the mid-cap schemes outperformed, while the rest underperformed.
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
If you look at the interest rate offered, tenure of investment and tax implications voluntary provident fund scores over public provident fund.
During the meeting with Finance Minister Nirmala Sitharaman, it was also suggested that employees' provident fund should increase its exposure in the stock market, which in turn would improve liquidity.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
The EPFO has about 5 crore (50 million) subscribers and the decision will have a bearing on their retirement fund.
The number of contributors was 46.4 million in July and 44 million in September.
The continuing fiscal stimulus is heavily tilted towards capex, to the extent that it chips away a part of revenue spending. Accounting for other areas of revenue expenditure, such as salaries, pensions, subsidies and defence (committed spend), the room to spend on welfare schemes, health and education will narrow in FY22.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
Arun Jaitley presented the Union Budget in Parliament on Saturday.
Rediff reader Hitesh Kumar Jha from Akola reveals how his first salary changed his life.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
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.
'Do some profit booking and bring your equity allocation back to its original level.'
Labour Minister Santosh Gangwar said, the purpose of labour reforms is to provide a transparent system to suit the changed business environment.
The rate of interest will be effective from April 1, 2015.
According to the health department data, 1,01,070 coronavirus cases have been recorded so far this month.
The city police commissioner has promulgated prohibitory orders under Section 144 of Code of Criminal Procedure in the limits of Bengaluru city till the midnight of April 22.
'Many enter the civil services with the desire to do good work but get beaten by the system, step back or become part of it.' 'Ten fantastic officers out of 100 can completely change the game.'
'Evidently, something has gone terribly wrong in the state of the Indian Union.' 'The rulers seem nervous that the pandemic is spinning out of control,' notes Ambassador M K Bhadrakumar.
Acknowledging that while Singh understands the importance of vaccination as an important method of fighting the COVID-19 battle, Vardhan said in his letter that "irresponsible" public pronouncements made by some Congress leaders have resulted in a below national average vaccination coverage of senior citizens and even front-line workers in some of the Congress-ruled states.
Religious institutions and charitable trusts employing 20 workers or more will have to deposit employees' provident fund with the EPFO.
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.
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
The draft scheme, seen by PTI, said it will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank.
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.
Under the New Code on Wages Bill 2019, employers will be required to give the minimum wages, notified by either the state or the Centre, to the unorganised sector, too.
The retirement fund body plans to launch 'One Employee One EPF Account' system on May 1.
The move comes after United States President Donald Trump accused Islamabad of giving nothing to the US but "lies and deceit" and providing "safe haven" to terrorists.
The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
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.
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
When looking for alternatives, consider several parameters -- your investment horizon and liquidity requirement, post-tax returns, and risk.
Concerned with the continuous downward revision, the EPFO has since last month begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll.
The agency's case is based on a National Investigation Agency complaint filed against the accused and Pakistan-based organisation Falah-i-Insaniyat Foundation.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
'There is still scope for selective stockpicking.'
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