'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
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.
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.
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 proposal had attracted strong criticism from the salaried class.
The biggest worry is not the shrinking of the labour market, but the collapse of good jobs.
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.
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.
The CBT headed by Union labour minister would meet on September 4.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
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.
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
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".
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
The decision would leave a surplus of Rs 15.26 crore.
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.
The abolition of wealth tax is again a welcome step.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
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.
The Congress president tagged a Business Standard story which cited a report which said the unemployment rate is highest in 45 years.
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.
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.
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.
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.
Most employment surveys suffer from drawbacks such as limited data coverage, infrequent data collection, and time lag
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.
How a chartered accountant won the battle against his company of interest on his PF dues
'It was to be a two hour long surgery and anything could go wrong,' recalls Veenu Sandhu.
There has been demand to hike the PF interest rate to 8.90 per cent.
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.
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.
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.
