If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
The funds earmarked for other goals of lower priority, like holidays, holiday home, vacation abroad and so on should be used - not the retirement corpus.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
The Employee Provident Fund (EPF) contribution should no longer be restricted to 12% of basic and dearness allowance, according to a recent circular.
Steps like depositing the entire PPF amount before April 5 or preparing a household budget will ensure this financial year goes well.
Retirement fund body EPFO's apex decision making body Central Board of Trustees (CBT) is likely to decide rate of interest on PF deposits for 2012-13 in its meeting scheduled on January 15.
These plans aren't likely to put substantial cash in your hands.
Notices have been issued to the company for penal damages.
Employees joining companies after August and availing of the government benefits under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) will also have to link their PF accounts with Aadhaar numbers.
Reaching out to the working class, especially in the unorganised sector, the government rolled out several measures in 2011, raising minimum daily wages, enlarging health insurance coverage and also notifying Majithia Wage Board recommendations for newspaper and news agency employees.
PFRDA will invite bids to appoint pension fund managers.
'If you retain your account with the EPFO for 10 years, you get a life-long pension.'
No physical inspection of company records; compliance ops to be online
'It is crucial to understand that the ultimate goal of your investments isn't to pay lesser tax, but to create long-term wealth for you and your family,' says Satyen Kothari, founder and CEO, Cube Wealth.
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
Want to know how to claim tax deduction on property income you earn? Do you know how to withdraw unclaimed EPF money?
Electricity tariffs to go up as coal cess is doubled.
Smart investors fine tune their investments as per the Budget announcements to make the best possible use of tax deductions and other sops.
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.
As beneficiaries under Pradhan Mantri Rojgar Protsahan Yojna have to be EPF subscribers, these numbers indicate that the increase in EPFO payroll estimates is largely due to an increase in the beneficiaries registered under PMRPY.
Subscribers of retirement fund manager EPFO, settling their final claims before the new rate is announced for the current fiscal, will get the existing 9.5 per cent interest on their deposits.
The EPFO launched one-page simplified forms for withdrawal.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
'Where in the world you get 12.5 per cent return of interest?'
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
The purpose of the provident funds is to help people in their retirement periods. Hence the EPF and PPF are for long term savings.
The Central Bureau of Investigation (CBI) on Tuesday conducted raids on the premises of noted builders Hiranandani brothers, who have been accused of "evasion" of employees provident fund.The raids have been conducted at eight places belonging to Hiranandani brothers in the city.
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
The government has approved incentive schemes for creating 1,00,000 employment opportunities a year for the physically challenged persons in the private sector, the Lok Sabha was informed on Thursday.
One popular strategy is to hire contract workers.
Rationalisation in taxation on the retirement scheme puts significant money in the hands of investors.
No attention to detail seems to have been paid while introducing such a major provision and the wide arc of people it will take in its ambit, states Harsh Roongta.
Centre has come up with a scheme of financial aid to private sector for employing disabled people.
A consensus eluded the Central Board of Trustees on the controversial issue of interest rates for 3 crore (30 million) provident fund subscribers amid indications that the board would take up the matter next month.
'There is no question of diverting funds. This government is pro-poor, pro-worker and pro-progressive.'
The AITUC has suggested utilisation of the entire corpus for creation of the infrastructure development fund. Do you agree?
The CPI-backed AITUC has proposed to Prime Minister Manmohan Singh to utilise pension funds and employees provident fund for infrastructure development instead of investment in the speculative capital markets.
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