The CBT headed by Union labour minister would meet on September 4.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
The committee has termed the Employee Provident Fund Organisation's data on number of pensioners subscribed to the Employee's Pension Scheme, 1995 as 'inflated and imaginary'. Top officials of the labour ministry and the provident fund organisation were unable to explain how calculations for pensionary liability were arrived at without knowing the number of pensioners in the country.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
A member of the Central Board of Trustees D L Sachdev said, "It is quite possible that people might have resorted to withdrawing money from their provident fund accounts. But increase in the number of such applications cannot be solely attributed to job losses due to recession".
The Congress president tagged a Business Standard story which cited a report which said the unemployment rate is highest in 45 years.
The decision would leave a surplus of Rs 15.26 crore.
The abolition of wealth tax is again a welcome step.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
After complaints that the new law may impact employment of women, the government has framed a scheme to provide monetary incentive to companies, reports Somesh Jha.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
The finance and investment committee of the EPFO, which met this morning, unanimously rejected the proposal for parking up to 15 per cent of its funds totalling around Rs 1,82,000 crore (Rs 1,820 billion) into shares of listed companies as also equity linked schemes of mutual funds. The committee, sources said, was opposed to the proposal of the finance ministry in view of the volatility witnessed in the stock markets in the recent past.
The Employees' Provident Fund Office in Chennai said it intends to attach the properties of the promoters of struggling retail chain Subhiksha to meet provident fund dues for around 4,500 employees in and around the city.
Most employment surveys suffer from drawbacks such as limited data coverage, infrequent data collection, and time lag
A senior EPFO official said, "(Subhiksha) was given 15 days, starting February 20, to pay the PF dues. Since these were not paid, we will go ahead with the action and set a target to collect the dues before March 31, 2009, when the fiscal year comes to an end." The PF dues to be paid for the June-September period of 2008 were around Rs 1.46 crore. The status of Subhiksha's PF payments in other parts of the country will also be checked.
'It was to be a two hour long surgery and anything could go wrong,' recalls Veenu Sandhu.
The government has deferred the decision on fixing the Employees' Provident Fund (EPF) rate of interest for the current fiscal till the next meeting of the Employees' Provident Fund Organisation.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
How a chartered accountant won the battle against his company of interest on his PF dues
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
There has been demand to hike the PF interest rate to 8.90 per cent.
'For those looking at forward-looking signals for the economy from the stock markets, the relative performance of small and mid-caps may be a better indicator of the future than the index levels of the narrower and more popular indices', says Neelkanth Mishra.
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
In a bid to earn higher return for its 40 million subscribers, the country's biggest provident fund EPFO is exploring the possibility of investing a small portion of its assets in equities.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
With the finance ministry refusing to hike rates of Special Deposit Schemes and allow it to park funds in high interest bearing postal deposits, the Employees Provident Fund Organisation is toying with the idea of trading in government securities as
With uncertainty prevailing over the rates of Employees Provident Fund, CPI(M)-backed trade union, Centre for Indian Trade Unions, said on Friday that it would oppose any move to keep differential interest rates
Having dipped into its reserves for paying 9.5 per cent interest for four crore subscribers in 2004-05, the EPF trustees would meet in New Delhi on July 30 to arrive at returns to be offered this fiscal.
The finance ministry on Friday ratified the interest rate of 9.5 per cent for about 4 crore subscribers of Employees Provident Fund for 2002-03 and 2003-04.
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
The Central Board of Trustees of the Employees Provident Fund on Tuesday unanimously decided to defer a decision on the rate of interest on EPF till July 20.
"People in India are benefiting from the whole process of liberalisation," Finance Minister Arun Jailtey said.
The Employees Provident Fund board is likely to meet in the second week of April to discuss measures to fund the Rs 927 crore (Rs 9.27 billion) estimated shortfall due to 1.0 per cent hike in interest to 9.5 per cent for 2004-05.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances