Proposal to raise the rate from 8.5 per cent to 9.5 per cent had come from the Central Board of Trustees of the Employees Provident Fund Organisation.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
This is 1 per cent higher than the interim rate of 8.5 per cent announced for 2004-05.
Some members raised questions like that even government establishments were employing only contract labour.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The EPFO has about 3.7 crore (37 million) members.
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Having dipped into its reserves for paying 9.5 per cent interest for four crore subscribers in 2004-05, the EPF trustees would meet in New Delhi on July 30 to arrive at returns to be offered this fiscal.
Here's what you MUST know to check your Employees' Provident Fund balance and status online.
Union Labour Minister Sahib Singh Verma said on Tuesday that the Central Board of Trustees would be meeting on May 31 at New Delhi for reviewing the interest rate of employees provident fund.
In the face of mounting pressure from trade unions, the Employees Provident Fund rates may remain untouched at 9.5 per cent this year though a sub-committee of the EPF Board is believed to have recommended slashing it to eight per cent.
The Union finance ministry has rejected a proposal sent by the labour ministry to double the monthly minimum pension amount to Rs 2,000 under the Employee Pension Scheme (EPS). The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal's rejection during a meeting on Saturday. "According to the recommendations made by a highly-empowered monitoring committee constituted by the government, a proposal to increase the minimum pension under EPS from Rs 1,000 to Rs 2,000 per month, by providing additional budgetary support, was sent to the ministry of finance.
If your EPF account has been lying dormant for more than three years that you must sit up and take notice. Else you may not earn interest on it.
Once approved by the finance ministry, the rate hike will benefit six crore EPFO subscribers.
The Bharatiya Janata Party on Monday demanded that the interest rates on Employees' Provident fund contributions be raised to 9.5 per cent to make them commensurate with the rise in bank interest rates.
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.
Don't solely focus on tax-saving alone.
Amid possibility of a 0.5 per cent cut in the interest rate for the current fiscal, the Employees Provident Fund Board will meet in New Delhi on January 27 to finalise the EPF rate, which is 8.5 per cent at present.
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The number of contributors was 46.4 million in July and 44 million in September.
The Delhi high court has ruled that outsourcing units cannot be clubbed with each other or the company outsourcing work to them for the purpose of Employees Provident Fund.
The decision would leave a surplus of Rs 15.26 crore.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Generally, most Indians are under-prepared for their post-retirement life. Many middle class private sector employees end up consuming their PF accumulations for variety of other reasons like marriage of their children, medical treatment or purchase of house, etc., says Anil Chopra- Group CEO & Director- Bajaj Capital
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
The finance ministry on Friday ratified the interest rate of 9.5 per cent for about 4 crore subscribers of Employees Provident Fund for 2002-03 and 2003-04.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created - a proxy for net new formal jobs created - fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22.
Break the chains of debt, invest in your future, and wave the flag of financial independence high. Freedom awaits, comrades. Let's conquer this battlefield together this Republic day, exhorts Vatsal Ramaiya.
A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
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