Saddled with huge arrears from the PSUs and the private sector, the Employees Provident Fund Organisation on Tuesday launched an action plan, including the attachment of property and freezing of bank accounts.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
The interest offered by the Employees' Provident Fund Organisation (EPFO) is likely to rise this year, say sources in EPFO. Currently, the interest rate stands at 8.25 per cent.
Survey rejects EPFO as pension regulator
As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations.
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.
It had earlier proposed cutting it down to Rs 250 crore due to slow progress in enrollment of new employees.
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 highest number of jobs were created in the age group of 18-21 at 1.29 million, followed by 22-25 years of age at 1.12 million during these seven months.
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.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
'They (government) are trying to create market for pension products'.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
The FIC meeting will decide on whether to park a portion--to the tune of three to five per cent--of the fund's corpus of Rs 2.71-lakh crore, into the equities markets.
The government on Saturday announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.
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Fund managers will be given more flexibility to invest in corporate bonds.
The overall message to the middle class is: the days of freebies are over.
T C A Anant, former chief statistician to the government, will soon be heading a panel to decide whether the monthly payroll data released by EPFO, ESIC and PFRDA could replace the quarterly enterprises-based survey on job creation by the labour bureau, the prime minister's office decided last week.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
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.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
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.
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.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
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).
Of the amount, the home-grown private equity player founded by Renuka Ramnath plans to deploy $8 billion in various companies as part of its blueprint for growth.
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.
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.
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.
Last month trade unions criticised EPFO for making it compulsory.
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.
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
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).
Rather than one-year returns, look at benefits of long-term investment in equity.
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)
