EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
The government had introduced the proposal to deduct TDS on PF withdrawals in order to discourage pre-mature withdrawal and to promote long term savings.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
Interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021, a move aimed at taxing high-value depositors in the EPF. Finance Minister Nirmala Sitharaman said the Employee Provident Fund (EPF) is aimed at welfare of workers and any person earning less than Rs 2 lakh per month will not be affected by the Budget proposal. Expenditure secretary T V Somanathan said the number of people who actually contribute more than Rs 2.5 lakh is less than 1 per cent of the total number of contributors in the EPF.
Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
The first phase of computerisation of the EPFO offices were to be completed within a year of the EPFO's apex body -- Central Board of Trustees' (CBT)-- approval of the project in April last year.
Members can register themselves on the website using any government issued photo identity card and cell no. as passwords.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
Employees covered under private PF trusts, which manage retirement fund of their workers themselves, will be able to transfer their PF accounts online from next month.
Last month trade unions criticised EPFO for making it compulsory.
The Employees' Provident Fund Organisation (EPFO) on Friday decided to give 8.5 per cent interest on provident fund deposits of 4.5 crore (45 million) subscribers.
One risk of investing in a very low-cost ETF is if a fund house runs it at below cost, it could close it if it fails to attract institutional money
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.
7 million jobs will be created in formal sector in FY18
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
Rather than one-year returns, look at benefits of long-term investment in equity.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
The Employees' Provident Fund Organisation can comfortably offer 8.5 per cent interest rate to its 4.41 crore (44.1 million) depositors during 2009-10 and still record a surplus contrary to Rs 139-crore (Rs 1.39 billion) losses suffered by it for giving the same benefit during the current fiscal.
'EPFO's investments this financial year should be Rs 1 lakh crore'
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
The Employees' Provident Fund Organisation (EPFO) is crunching its numbers under pressure for sustaining a 9.5 per cent interest rate in the current financial year.
If your account is idle for over five years, there could be issues with acquiring EPF details.
A government panel examined the records of employees surveyed by Labour Bureau's quarterly enterprises surveys and mapped it with the EPFO's subscribers and found "unexplained variations" between the two.
Around 20 lakh pensioners to benefit from govt new pension scheme.
It's such a well-kept secret that even well-heeled financial planners aren't aware of it, says Harsh Roongta.
The finance ministry wants the Employees' Provident Fund Organisation to bypass the central board of trustees when deciding how to invest a portion of the Rs 5-lakh crore (Rs 5 trillion) provident fund corpus in the capital market.
Thanks to Nagpal's effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate.
Wealth management seems to have moved from family office solutions to CXO office solutions.
The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
Agreeing to a partial rollover of the interest rate, the Central Board of Trustees of the EPFO on Friday asked the IFCI to pay 10 per cent on bonds issued by it for the next 10 years, starting from this fiscal.
The number of contributors was 46.4 million in July and 44 million in September.
Over 4.7 crore (47 million) employees are likely to get an interest of 8.5 per cent in 2010-11 on their provident fund deposits of about Rs 2.5 lakh crore (Rs 2.5 trillion), a return authorities have been giving for the past five years.
Notices have been issued to the company for penal damages.
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