Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023.
EFPO launched a number of new facilities this year.
At present this facility is available to workers of (un-exempted) firms which do not have their PF trusts and manage their employees' accounts with their respective regional fund commissioners of the EPFO. It was launched in October last year.
Some unions have opposed EPFO investing in share markets.
Over 50 million subscribers of the retirement fund body EPFO can obtain e-passbook along with details of their updated accounts online from Wednesday.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
Retirement fund manager EPFO that has initiated the process of seeding KYC details like PAN, Aadhaar of contributing members for making Universal Account Number (UAN) has set a target of seeding 2 crore (20 million) bank account data by end of this month.
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
The return from the ETF investment will be more than the 8.75 per cent the EPFO offers to subscribers now.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
Business Processing Outsourcing (BPO) and Knowledge processing Outsourcing (KPO) firms are covered by the retirement fund body EPFO, Parliament was informed.
'There is no question of diverting funds. This government is pro-poor, pro-worker and pro-progressive.'
The 48-odd million employees covered by the Employees Provident Fund Organisation (EPFO) may be touched that the finance ministry is actually considering a proposal to extend the organisation a fiscal helping hand to offer a rate of interest comparable with other savings instruments.
The EPFO launched one-page simplified forms for withdrawal.
EPFO manages a huge corpus of over Rs 6 lakh crore (Rs 6 trillion).
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.
The 4.7 crore (47 million) EPFO subscribers were left guessing during the year on continuance of 9.5 per cent interest rate for this fiscal, with the retirement fund body, in an unprecedented development, deciding to refer it to the finance ministry for a final decision.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
Ahead of the crucial CBT meet, the Employees' Provident Fund Organisation's advisory body Finance and Investment Committee will firm up its view on the matter.
The facility for viewing PF accounts online was launched here by Labour Minister Sis Ram Ola in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K Jalan.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
At present, the EPF subscribers are exempted from paying income tax on deposits.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Labour Ministry has notified new investment pattern for EPFO.
Some cases are pending for two years.
Taking the first step towards launch of online PF transfer claim facilities, retirement fund body EPFO has unveiled the revised transfer claim form for the purpose.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
The finance ministry had last year notified a new investment pattern for EPFO.
Six firms have qualified for managing EPFO funds.
The organisation can invest in bonds of private companies with dual 'AAA' rating, say new norms.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
Retirement fund body EPFO fixed 8.15 per cent rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its meeting on Tuesday. In March 2022, 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. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
The deduction will be higher and net take-home pay will fall.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
The Prime Minister's Office has suggested that EPFO should deploy 15 per cent of its funds as loan for low cost housing saying it would generate a credit flow of Rs 70,000 crore (Rs 700 billion).
The trustees would meet at the regional office of the EPFO in Bengaluru, the capital of the Labour Minister Mallikarjun Kharge's home state Karnataka.
In view of allegations by trade unions that Employees Provident Fund Organisation was "fraught with corruption", the Labour Minstry has convened a Parliamentary Consultative Committee meeting on December 14 to discuss the functioning of the EPFO.
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