The meeting of Central Board of Trustees is likely to be stormy on Thursday with both right and left wing trade unions making up plans to demand at least 9.5 per cent EPF rate
The third crucial meeting of the EPF Board began in New Delhi to decide on the interest rate for its 3 crore subscribers for this year amidst some trade unions' demands for 12 per cent interest against 9.5 per cent offered during 2003-04.
The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
The Finance Ministry has given its consent to the EPFO to invest from 5 per cent to 15 per cent of the investable income of the organisation every year.
PFRDA will invite bids to appoint pension fund managers.
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
Retirement fund body EPFO paid lesser amount as interest on PF deposits of over five crore subscribers than its earnings between 2007-08 and 2010-11, government auditor CAG has said.
There is an attempt to brush aside the results of all surveys that point to a deteriorating jobs situation. This is counter-productive, says Mahesh Vyas.
'Now, we have a minimum pension of Rs 1,000 annually.'
'Where in the world you get 12.5 per cent return of interest?'
Rationalisation in taxation on the retirement scheme puts significant money in the hands of investors.
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.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
EPFO fund body EPFO is likely to increase the maximum amount assured under its Employees' Deposit Linked Insurance Scheme (EDLI) to Rs 550,000 from the existing Rs 360,000.
EPFO manages a huge corpus of over Rs 6 lakh crore (Rs 6 trillion).
One popular strategy is to hire contract workers.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
The Vasundhara Raje government's initiatives mark a critical step forward in labour law reforms.
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
At present, the EPF subscribers are exempted from paying income tax on deposits.
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
The objective behind the move is to "retain the membership of PF subscribers and to address the social security needs at the time of unemployment."
The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
It is not advisable to touch retirement corpus if property is being purchased for investment.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Investors must remember that only resident Indians can open a PPF account and a person can have only one PPF account.
On maturity, 40 per cent of the accumulated corpus can be withdrawn tax-free.
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