Expatriates working in India and some Indians working abroad for an Indian employer are required to make mandatory contributions to the Indian government's statutory provident fund.
In three of the past four years, 10-year returns have been 10 per cent or lower, making equity unattractive, compared to other asset classes.
To justify that farmers must burn if they are not paid cash incentive is doing injustice to them and to the lungs of the children of the country, notes Sunita Narain.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
If India wants to become a globally competitive manufacturing hub, it will have to rethink the notion that the traditional SMEs will form the manufacturing backbone, argues Prosenjit Datta.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
At present, someone short of the retirement age can completely withdraw the PF money.
At present this facility is available to workers of (un-exempted) firms which do not have their PF trusts and manage their employees' accounts with their respective regional fund commissioners of the EPFO. It was launched in October last year.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
The EPFO has about 3.7 crore (37 million) members.
The amendment now makes it compulsory for corporate PF trusts to comply with the Employees Provident and Miscellaneous Provisions Act, 1952, and to claim exemptions under Section 17 of the same Act.
Retirement fund body EPFO may lower the interest rate on deposits to 8.6 per cent for over 4.7 crore (47 million) subscribers for 2011-12 to match it with the rate of public provident fund (PPF) scheme.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
The Employees' Provident Fund Office in Chennai said it intends to attach the properties of the promoters of struggling retail chain Subhiksha to meet provident fund dues for around 4,500 employees in and around the city.
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.
PPF is a long-term, government-backed small savings scheme of the Central government started with the objective of providing old age income security to the workers in the unorganised sector and self-employed individuals.
The biggest worry is not the shrinking of the labour market, but the collapse of good jobs.
Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP in the current fiscal, they said.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021. This year has also been a challenging year for the work force as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in exodus of migrant workers from large cities to their homes in the hinterland. Many migrant labourers lost their jobs and it took months for them to return back to their work places from their native places.
NSC scores high on all three parameters that conservative investors are seeking -- safety, tax-adjusted returns and liquidity.
The government has hiked the interest rate on Public Provident Fund account (PPF) to 8.6 per cent from 8 per cent. The investment ceiling has been raised to Rs 1 lakh a year.
In a nation divided by many things, the 12-digit unique identity number is holding lives to ransom.
The senior Bharatiya Janata Party leader also said that the troubles of the hapless workers grew manifold, in the midst of the COVID-19 crisis, as their employers did not implement the provisions of the existing Inter State Migrant Labour Act, 1979.
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
Though it may be anecdotal, there are some HR people who cannot reconcile their own salary from a CTC to take home!
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
Generally, most Indians are under-prepared for their post-retirement life. Many middle class private sector employees end up consuming their PF accumulations for variety of other reasons like marriage of their children, medical treatment or purchase of house, etc., says Anil Chopra- Group CEO & Director- Bajaj Capital
EPFO has an ambitious plan to settle the claims within few hours after filing of application
"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.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
Here's how EPF stacks against other investment options
Will the latest development see a marked break from the way the case has been going?
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
While Bhasin will be getting provident fund money and gratuity, he would not be getting leave encashment for 420 days, medical reimbursement for himself and wife, free passes for himself and wife, and holiday home facilities.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
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