Only NIIF has stayed the course as a viable infrastructure financing institution.
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.
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
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
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.
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
With the new facility, settling PF withdrawal claims would just take few hours.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
LIC, EPFO and PSBs are likely to be asked to subscribe to bonds.
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.
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
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.
Religious institutions and charitable trusts employing 20 workers or more will have to deposit employees' provident fund with the EPFO.
In his address after more than 75,000 people were given appointment letters for various government jobs in the first tranche, Modi acknowledged the challenges facing the economy the world over with many countries hit by a record inflation and unemployment and said India is making every effort to come out of the situation unscathed.
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.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
EPFO has a subscriber base of around 6 crore (Rs 60 million).
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
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.
The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
Indicating a faster-than-expected recovery, remittances from migrant labourers and the number of first-time EPFO registrations have crossed the pre-lockdown levels in September, according to a report. Another silver lining is the massive 60 per cent increase in the number of Jan Dhan accounts to over 41 crore and the balances in them, which also indicate the fall in crimes during the lockdown months, SBI Research said in a report on Tuesday. After a significant reduction in remittances due to the lockdown in April, it improved in June and July, and the numbers in September have crossed the pre-pandemic level in February.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
The online application of such claims would enable EPFO to eventually settle those within three days.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
This facility will be available to all those subscribers whose Universal Account Number (UAN) is activated and seeded with the KYC details like bank account and Aadhaar number.
The Prime Minister's Office has decided to set up a panel, led by former chief statistician T C A Anant, to deliberate on whether the enterprise-level quarterly data, which is released by the labour bureau, should be discontinued.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
ASK Wealth Advisors says 5 million, CMIE's estimate is 2 million and Ghosh & Ghosh said it was 7 million!
There will be tripartite pact with member, bank/housing agency and EPFO.
The government on Wednesday decided to give Rs 3,737 crore bonus to 30.67 lakh central government employees to encourage spending during the festival season and add to demand in the economy.
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