Amidst reports of a cut in interest rate on Employees Provident Fund, Labour Minister Sis Ram Ola on Thursday said he will meet Finance Minister P Chidambaram to decide on the returns for the over 32 million subscribers for this year.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
Companies with 10 employees may also come under EPF Act.
Thanks to Nagpal's effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
The CBT headed by Union labour minister would meet on September 4.
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
'EPFO's investments this financial year should be Rs 1 lakh crore'
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.
Labour Minister Sahib Singh Verma said on Monday that he will try to maintain the present interest rate of 9.5 per cent on Employees Provident Fund for 2003-04.
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
Your provident fund statement reveals the progress of your retirement savings
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
Despite the equity booster, many would be uncomfortable about NPS.
The independent institute advising the PM on jobs seems to have missed the point that the challenge is to create net additional jobs, says Mahesh Vyas.
Concerned by the continuous downward revision in the monthly net enrolment numbers, the EPFO has begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll. According to experts these people cannot be counted as those who got a new job.
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).
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
The deduction will be higher and net take-home pay will fall.
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.
When the sun rises in 2022, the Indian hospitality industry will be waking up with prayers for survival, desperately looking forward to some form of support from the government as revival from the impact of the coronavirus pandemic of the last two years will be an arduous journey. Just as the industry was beginning to see a flickering light at the end of a long tunnel towards the end of 2021, the spread of the Omicron variant of coronavirus and subsequent extension of suspension of scheduled international passenger flights till January 31, 2022, has come as a dampener to those who were looking to have some business in the winter season. With inbound tourist arrivals unlikely amidst the pandemic, the industry wants the government to incentivise domestic travels with income tax benefits for a limited period so as to help the hospitality and tourism sector get up again by tapping the pent up demand for holidays, within the country.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
Business Processing Outsourcing (BPO) and Knowledge processing Outsourcing (KPO) firms are covered by the retirement fund body EPFO, Parliament was informed.
No physical inspection of company records; compliance ops to be online
The EPFO launched one-page simplified forms for withdrawal.
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.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
'If you retain your account with the EPFO for 10 years, you get a life-long pension.'
While the lockdown hit employment in all age groups, it hit the employment of youngsters who are less than 29 years of age much more. The lockdown also hit women more than it has affected men, reveals Mahesh Vyas.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
Left to distance itself from NDA's 'aggressive' stance in Winter session
The argument put forth is that withdrawals from a long-term investment avenue leave investors with a lower corpus on retirement.
Employees joining companies after August and availing of the government benefits under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) will also have to link their PF accounts with Aadhaar numbers.
Private firms will have to maintain a minimum net addition to their workforce each month from October this year to June 2021 to get the Employees' Provident Fund subsidy for the new recruits.
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.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
Notices have been issued to the company for penal damages.
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