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.
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.
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 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.
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
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 proposal had attracted strong criticism from the salaried class.
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.
A provident fund is created with a purpose of providing financial security and stability to elderly people
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.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
If your account is idle for over five years, there could be issues with acquiring EPF details.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
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.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
Congress said Modi once again "quickly and meekly" caved in to the pressure exerted by Rahul Gandhi.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
Tax Guru Anil Rego answers your personal income tax queries.
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
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
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.
This was decided at a four-hour meeting of the Central Board of Trustees of EPF chaired by Labour Minister K Chandrashekhar Rao.
PPF is a typical savings tool but one has to invest for the long term. This means there is an asset-class mismatch.
The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
The completely avoidable mess that the finance ministry found itself in was rather surprising, says Debashis Basu.
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.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
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