The approval is in addition to the existing scheme for the wage months of March to May, 2020 approved on April 15, 2020. The total estimated expenditure is Rs 4,860 crore and over 72 lakh employees in 3.67 lakh establishments will be benefitted.
This was decided at a four-hour meeting of the Central Board of Trustees of EPF chaired by Labour Minister K Chandrashekhar Rao.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
PPF is a typical savings tool but one has to invest for the long term. This means there is an asset-class mismatch.
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
The EPF Board on Saturday once again deferred decision on the contentious issue of interest rate for its four crore subscribers till the next meeting to facilitate more consultations between the Labour and Finance ministries.
The completely avoidable mess that the finance ministry found itself in was rather surprising, says Debashis Basu.
Tax Guru Anil Rego answers your personal income tax queries.
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.
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
The answer depends on your financial goals and risk appetite, says Certified Financial Planner Ramalingam Kalirajan, and explains why.
For Indian equities, this will a good stabilising hedge against the speculative investor breed, which is largely dominant in Indian equity markets.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Investors must explore alternate avenues like mutual funds and pension plans for building a retirement corpus.
Power of compounding clubbed with a matching contribution from your employer every month can do wonders for you.
The Employees Provident Fund Board may examine the option of investing five per cent EPF corpus money in stock markets, Union Labour Minister Oscar Fernandes said on Tuesday. Ahead of the meeting of EPF Central Board of Trustees to finalise the interest rate for 2007-08, Fernandes said that the option to make investment in the capital market was "still open".
After a three-hour meeting of the Central Board of Trustees of the EPF, CITU general secretary Tapan Sen said that the meeting decided to continue with 8.5 per cent for 2007-08, ignoring the demands by trade unions to hike the interest rate to 9.5 per cent.
The government is contemplating amending the existing law to avoid litigation in recovery of EPF dues from defaulting public and private sector undertakings, Labour Minister K Chandrasekhar Rao informed the Rajya Sabha on Thursday.
FM's proposal came under immediate attack from various employees unions
Under attack from Left parties for slashing the EPF rate by one per cent for the current fiscal, Labour Minister K Chandrasekhar Rao on Wednesday promised to do everything possible for "best returns
Rahul Gandhi said Modi should instil confidence in the employees and voters by withdrawing the proposal.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
The 40 per cent exemption benefit is applicable only for employees.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Ahead of the crucial EPF board meeting on Tuesday, the central trade unions have demanded restoration of 12 per cent interest to provident fund subscribers.
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
Pawan Kumar, organising secretary of the Bharatiya Mazdoor Sangh (BMS) affiliated to the Rashtriya Swayamsevak Sangh (RSS), tells Aditi Phadnis it will join forces with other trade unions if necessary to oppose the Employees' Provident Fund Organisation (EPFO) provisions in the Union Budget.
K Chandramouli, commissioner, Employees Provident Fund, tells Business Standard's Sreelatha Menon that expansion of the fund will make it sustainable.
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
Last month trade unions criticised EPFO for making it compulsory.
EPF is the major vehicle for the long-term savings of organised private sector employees.
The central government has notified the Employees Provident Fund (EPF) rate of interest at 8.5 per cent for 2006-07. The Central Board of Trustees (CBT) of EPF, in July, had recommended interest at 8.5 per cent. The government has now accorded its approval to notify the specified rate of interest for the year.
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
Empolyees Provident Fund, the Central Board of Trustees of EPF is likely to meet on May 31 to take a view on the rate to be paid for the current year.\n
Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees' Provident Fund Organisation (EPFO). Besides, the net payroll additions -- calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers -- increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
