The government on Thursday assured that it will continue with the 9.5 per cent interest on Employees Provident Fund and said it was because of 'wise' investment decisions that it was able to offer such a rate.
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.
On retirement, you will draw a lesser amount as pension.
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.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
Withdrawing the amount each time you move job(s), or otherwise, can make a huge dent in your retirement corpus.
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The Centre might consider the Left parties' demand for increasing the Employee Provident Fund rate to 9.5 per cent from the present 8.5 per cent and a decision on the issue is expected after Prime Minister Manmohan Singh returns from The Hague.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
Leaders of major central trade unions on Wednesday made a strong demand before Prime Minister Manmohan Singh for restoring the interest rate on Employees Provident Fund to 12 per cent
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
The EPF Board on Saturday failed to clinch the contentious issue of interest rate for the current fiscal for its four crore subscribers and rejected finance ministry's proposal to invest 5 per cent of the EPF money in the equity market.
Religious institutions and charitable trusts employing 20 workers or more will have to deposit employees' provident fund with the EPFO.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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.
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.
Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data. However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities. The latest EPFO data shows that net new EPF subscribers stood at 94.5 lakh in FY21, and NPS added 5.82 lakh, taking the cumulative net addition to 100.4 lakh, which is marginally down from 102.3 lakh in FY20.
The deduction will be higher and net take-home pay will fall.
The government will decide the interest rate on the country's largest pension fund scheme based on the rate of return on investments in the next financial year, Labour Minister Sahib Singh Verma said on Tuesday.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Unhappy over several decisions of the government, major trade unions and independent federations will observe a nationwide protest day tomorrow
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Those willing to take a higher risk for higher returns can look at AAA-rated non-convertible debentures from reputed issuers.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
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.
Under increasing pressure to cut interest rates on Employees Provident Fund, the labour ministry is expected to meet the Reserve Bank of India brass in a bid to retain the current rate of 9.5 per cent.
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.
Working hours cannot go beyond 48. Those who give a four-day week will have to provide three consecutive holidays after that.
Your provident fund statement reveals the progress of your retirement savings
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.
