Distressed retailer Subhiksha on Thursday said its 15,000 employees have been unpaid since October last and it has been directed by Employees Provident Fund Organisation (EPFO) to pay the assessed dues at the earliest.
At present, organised sector workers covered under social security schemes run by EPFO are exempted from contribution towards schemes.
The Employees Provident Fund Organisation is pressing State Bank of India, one of the four retirement fund managers, to comply with a clause that provides for a penalty for keeping money idle for over a day.
It is not advisable to touch retirement corpus if property is being purchased for investment.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
Goyal also announced hiking of tax free gratuity to Rs 30 lakh from existing Rs 20 lakh for employees having service of more than five years.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
The Central Board of Trustees of the EPFO will meet on Friday to decide on the setting up of separate agencies for recovery of arrears and audit, and the rollover of interest of the IFCI.
The case was registered on the complaint of Pratap Singh, Regional Provident Fund Commissioner, EPFO.
Equity markets offer hugely better returns but since the risks are also real, a 'life-cycle' investment strategy offers a happy solution.\n\n
The argument put forth is that withdrawals from a long-term investment avenue leave investors with a lower corpus on retirement.
Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
Amid possibility of a 0.5 per cent cut in the interest rate for the current fiscal, the Employees Provident Fund Board will meet in New Delhi on January 27 to finalise the EPF rate, which is 8.5 per cent at present.
'Every Indian citizen is already exposed to massive digital surveillance and most are already vulnerable to data theft and cyber-impersonation as well,' points out Devangshu Datta.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
An open letter written by women employees of KFA alleged that the company did not pay salaries
In what could bring down home loan rates, the Employees Provident Fund board is toying with the idea of investing in mortgage-backed securities as part of its multi-pronged strategy to raise returns on its assets.
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
Did you know that your EPF contribution also goes towards insuring you, giving you and your spouse a pension apart from giving you a lump sum amount after retirement?
In 2006, FM made it mandatory for all private PF Trusts to seek exemption certificates.
India is not producing good jobs, but creating a lot of Rs 10,000-Rs 15,000 low-paid jobs which are not fancied by degree holders. Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers.
According to the law, the contribution "should not be more than 5 per cent of the amount paid to gig workers. The government is likely to start seeking contribution from gig companies towards the fund from April 1, 2021.
The biggest worry is not the shrinking of the labour market, but the collapse of good jobs.
Once in place, the new system is expected to benefit around 60 million workers covered under EPFO.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
Provident fund body may get support to ensure interest rate comparable with other savings instruments.
Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
Despite the equity booster, many would be uncomfortable about NPS.
Here's what you MUST know to check your Employees' Provident Fund balance and status online.
Every organisation will also prioritise the areas requiring mandatory inspection, and the cases forwarded by the CAIU will be on data and evidence basis.
The proposal had attracted strong criticism from the salaried class.
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
Over the years, NHAI's expenses have spiraled due to sharp increase in land acquisition costs, while budgetary support has shrunk, leading it to fall back on internal resources and market borrowings
Often criticised for offering less attractive interest rates than banks for most of the last five years, retirement fund manager EPFO hiked the annual rate of returns on employee provident funds to 9.5 per cent in 2010 and this time around, the banks were left behind.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
PF is a long-term investment tool for funding your retirement. It should not be used as a short-term funding source each time you shift jobs. You lose out on the power of compounding to build the corpus.
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