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.
Wealth management seems to have moved from family office solutions to CXO office solutions.
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.
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.
The number of contributors was 46.4 million in July and 44 million in September.
Notices have been issued to the company for penal damages.
The Employees' Provident Fund Organisation's key advisory body, Finance and Investment Committee, would meet next month to take a view on parking 3 to 5 per cent of its large corpus of Rs 2.57 lakh crore (Rs 2.57 trillion)in the capital market.
The EPFO Board will for the third time meet in New Delhi on Tuesday to decide on the interest to be offered to its three crore subscribers this year, even as trade unions' demand higher returns.
The Employees Provident Fund Organisation has started looking for options to park 3-5 per cent of its huge corpus of Rs 2.57 lakh crore (Rs 2.57 trillion) of retirement fund in stock markets to earn better returns.
Some of the violations that will lead to community service include failure to pay social security contribution of workers, maintain records, furnish information to inspectors, pay gratuity to workers, provide crche facility and medical pay, and retrenching women workers during maternity leave.
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.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
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.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
It is not advisable to touch retirement corpus if property is being purchased for investment.
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.
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.
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.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
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.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
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 open letter written by women employees of KFA alleged that the company did not pay salaries
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
'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.
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.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Once in place, the new system is expected to benefit around 60 million workers covered under EPFO.
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.
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.
