The National Social Security Number will be issued to the 4 crore (40 million) members covered by the scheme on the lines of the Permanent Account Number (PAN) given by the income tax department.
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).
The Employee Provident Fund (EPF) contribution should no longer be restricted to 12% of basic and dearness allowance, according to a recent circular.
Millions of small savers and PPF account holders will earn less on their post office savings schemes, with the government deciding to reduce interest rates on them marginally by 0.10 per cent.
'A proposal to do away with labour laws is not feasible.' 'That's why we wanted to have a dialogue with the states.'
After assuming power in 2014 with a full majority of its own, the BJP-led NDA government started an ambitious process of reforming labour laws in the form of codes aimed at making the framework less cumbersome with a variety of alterations. It had planned four codes each for industrial relations, wages, social security and welfare, and occupational safety, health and working conditions. To this end, 35 central labour laws were to be converted into four codes that would have had the virtue of streamlining labour relations. But none of the proposed code Bills could be converted into a law principally because neither trade unions nor industry representatives came on board. They hold the key to India's low-growth-high unemployment paradigm but the government may struggle to push them through this time as well. Somesh Jha explains why
Suresh said the ministry had received several representations from the EPF pensioners Association, pointing to the meagre pension amount, which in some cases was about Rs 50 to Rs 300.
As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations.
Retirement fund body EPFO's apex decision making body Central Board of Trustees (CBT) is likely to decide rate of interest on PF deposits for 2012-13 in its meeting scheduled on January 15.
EPFO manages a huge corpus of over Rs 6 lakh crore (Rs 6 trillion).
'The government must provide more funds to enable the armed forces to fight and win tomorrow's wars,' states Brigadier Gurmeet Kanwal (retd).
Over five crore subscribers of the retirement fund body EPFO are likely to get 8.5 per cent return on their investment during 2012-13, higher than 8.25 per cent paid in the previous fiscal.
In view of allegations by trade unions that Employees Provident Fund Organisation was "fraught with corruption", the Labour Minstry has convened a Parliamentary Consultative Committee meeting on December 14 to discuss the functioning of the EPFO.
The suggestion comes within days of reports that LIC and the Employee Provident Fund Organisation snapped up the entire Rs 7,400-crore (Rs 74-billion) bond issue of the debt-ridden Air India.
In a bid to earn higher return for its 40 million subscribers, the country's biggest provident fund EPFO is exploring the possibility of investing a small portion of its assets in equities.
The issue has a AAA rating from India Ratings, the domestic services of Fitch, reflecting the unconditional guarantee extended by the government.
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The impact the Economic Survey had on the Budget proposals and the influence the Prime Minister wielded on them deserve close attention.
You can still save money, says Samkit Maniar
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
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EPFO had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.
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
The Prime Minister's Office has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.
The payroll estimates, released by the EPFO based on its enrolment, threw up some contrasting trend between September 2017 and February 2018.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
Official celebrations in most states were restricted to unfurling of the national flag and chief ministers and governors addressing the people, with fewer guests in attendance.
The 48-odd million employees covered by the Employees Provident Fund Organisation (EPFO) may be touched that the finance ministry is actually considering a proposal to extend the organisation a fiscal helping hand to offer a rate of interest comparable with other savings instruments.
With uncertainty prevailing over the rates of Employees Provident Fund, CPI(M)-backed trade union, Centre for Indian Trade Unions, said on Friday that it would oppose any move to keep differential interest rates
Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis.
Non-government provident funds have been allowed to invest five per cent of their assets in blue-chip shares and 10 per cent in corporate debts and equity-oriented mutual funds from April 2005.
The interest offered by the Employees' Provident Fund Organisation (EPFO) is likely to rise this year, say sources in EPFO. Currently, the interest rate stands at 8.25 per cent.
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