EPFO may start investing up to five per cent of its incremental corpus in the equity market.
The government has approved 8.5 per cent rate of interest on employees' provident fund for the 2020-21 fiscal, a source said. Just ahead of Diwali, this is a good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO). The 8.5 per cent rate of interest on provident fund deposits for the last financial year was decided by the EPFO's apex decision making body Central Board of Trustees (CBT) headed by Labour Minister in March this year.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
The police went to Robin Uthappa's house to issue a notice. Since he does not reside at that address at present, a warrant has been executed for the former cricketer.
Use a combination of the two options without which sufficient corpus can't be assured.
This decision would pave the way for crediting Rs 54,000 crore as 8.65 per cent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
ELSS investments require a long-term commitment of at least seven years.
Here's how EPF stacks against other investment options
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
Rather than one-year returns, look at benefits of long-term investment in equity.
It's unfortunate the govt seems close to bowing to pressure from a limited section of the public.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
The answer depends on your financial goals and risk appetite, says Certified Financial Planner Ramalingam Kalirajan, and explains why.
If the changes being considered by the EPFO become a reality, investors may have to be more active in deciding equity preference and when to withdraw money, reports Sanjay Kumar Singh
Two simple steps can solve your problem
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
The proposal had attracted strong criticism from the salaried class.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
A provident fund is created with a purpose of providing financial security and stability to elderly people
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
If your account is idle for over five years, there could be issues with acquiring EPF details.
In view of the proposed one per cent slash in interest rate on special deposit scheme from April, the Central Board of Trustees of Employees Provident Fund Organisation will meet on Friday to decide on the rate of interest on EPF for 2003-04.\n\n\n\n
The government has deferred the decision on fixing the Employees' Provident Fund (EPF) rate of interest for the current fiscal till the next meeting of the Employees' Provident Fund Organisation.
The withdrawal right is hemmed by many conditions.
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.
Congress said Modi once again "quickly and meekly" caved in to the pressure exerted by Rahul Gandhi.
Expressing displeasure over government's reluctance to restore the EPF interest rate to 9.5 per cent, the Left parties and Samajwadi Party, both UPA supporters, on Thursday staged a walkout in Lok Sabha with a warning that it should "see the writing
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
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
