In a bid to enhance its equity exposure and earn higher returns for its nearly 65 million subscribers, the Employees' Provident Fund Organisation (EPFO) is considering reinvesting 50 per cent of its exchange-traded funds (ETFs) redemption proceeds back into equity. Sources close to the development said a proposal regarding this was discussed in the investment committee (IC) meeting in October last year, and the recommendation has been sent to the Central Board of Trustees (CBT), the apex decision-making body of the EPFO for its approval. The next CBT meeting is scheduled to be held on Saturday.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
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.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
If you have seen Zwigato, Param Kumar's story will sound familiar. Laid off from his job as a repairman at a Gurugram-based water purifier provider, he now delivers groceries and food for a mobile-based delivery app, in Delhi. Kumar, who started making deliveries last August, told Business Standard that he is working longer hours than his older salaried job as an RO repairman, and has no paid leaves or health insurance. Kumar is part of India's estimated 7.7 million-strong force of gig workers.
Finance Minister Arun Jaitley announced several reforms.
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
The next revision will make the rates similar to those of bank FDs.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Under the scheme, the government will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020, and up to June 30, 2021, Labour Minister Santosh Gangawar said in a briefing on the Cabinet decision.
'EPFO's investments this financial year should be Rs 1 lakh crore'
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
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.
'They (government) are trying to create market for pension products'.
Those willing to take a higher risk for higher returns can look at AAA-rated non-convertible debentures from reputed issuers.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
PFRDA will invite bids to appoint pension fund managers.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
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.
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.
'Where in the world you get 12.5 per cent return of interest?'
During February 2019, the highest number of 236,000 jobs were created in the 22-25 years age group, followed by 209,000 in the 18-21 years age bracket.
Under the Atmanirbhar Bharat Rozgar Yojana announced by the Centre to incentivise formal sector job creation, all 'new employees', who were never a part of the EPF system in the past, and those who made an exit from employment during the Covid-19 pandemic from March 1, 2020, to September 30, 2020, will be eligible for the benefit.
Withdrawals from EPF and NPS to have same tax rates.
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
The government has decided to lower interest rates on its general provident fund and special deposit schemes by 100 basis points
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.
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.
A panel set up by the trustees of India's largest pension fund has recommended an interest rate of between 8.0 and 9.0 per cent for the Employees Pension Fund scheme in 2003-04, a member of the panel said on Thursday.
Investors should quiz them to understand the product, which options to invest in, and how to get the final payout
Arun Jaitley presented the Union Budget in Parliament on Saturday.
The Labour and Employment Ministry has requested the Finance Ministry to keep Employee State Insurance and Employee State Insurance schemes out of the ambit of service tax as they are social security schemes.
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
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