Dwaipayan Bose highlights the similarities and contrasts between ETFs and Index Funds.
Private firms will have to maintain a minimum net addition to their workforce each month from October this year to June 2021 to get the Employees' Provident Fund subsidy for the new recruits.
Concerned with the continuous downward revision, the EPFO has since last month begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
During December 2018, maximum number of 217,000 jobs were created in the 18-21 years age group followed by 203,000 in the 22-25 years age bracket.
India's urban unemployment rate declined in Q4FY23 to 6.8 per cent - the lowest in over four years -- after it stagnated at 7.2 per cent in the previous October-December quarter, reflecting improvement in the labour market, according to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO) on Monday. The unemployment rate in current weekly status (CWS) terms for all ages in the March quarter was the lowest recorded in more than four years, from the time the NSO released India's first quarterly urban jobless rate for the December quarter in 2018. The jobless rate in urban areas had been on a continuous decline since the peak of 20.8 per cent in the April-June quarter of FY21.
Fresh formal job creation declined sequentially for a third straight month in February to fall to a 21-month low, signaling pressure in the employment market. These are the findings from the latest payroll data released by the Employee Provident Fund Organisation (EPFO) on Thursday. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined 10 per cent sequentially to 738,052 in February from 819,659 in January.
Once approved by the finance ministry, the rate hike will benefit six crore EPFO subscribers.
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.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
Apart from this, employers may be allowed to deduct EPF contributions only on the basic pay of up to Rs 15,000, even if the employees' basic pay is above this ceiling. While on one hand this will allow companies to lower their wage bills, employees can also get a higher salary in hand.
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.
January 2019 saw the maximum number of employment being generated since the data from September 2017, reports Indivjal Dhasmana.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
The payroll estimates, released by the EPFO based on its enrolment, threw up some contrasting trend between September 2017 and February 2018.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI.
The third crucial meeting of the EPF Board began in New Delhi to decide on the interest rate for its 3 crore subscribers for this year amidst some trade unions' demands for 12 per cent interest against 9.5 per cent offered during 2003-04.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
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
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Suppose you had bought a television set that came with a one-year warranty. It breaks down two years after purchase. You can't react emotionally and say that such an expensive set should last for at least five-six years.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
With the new facility, settling PF withdrawal claims would just take few hours.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
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.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
Amidst a debate in the government over investment of employees' provident funds in the stock market, former RBI Governor Bimal Jalan cautioned that any such move will have to be backed by a government assurance for making up for losses, if any.
In December 2020, as economists debated the shape the global economic recovery might take - Z, V, U, W or L - JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
In May, EPFO received deposits of Rs 6,500 crores (Rs 65 billion) which, is 200 crores more than what was received in April this year.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
