A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
India Inc on said the Seventh Pay Commission set up today for central government employees is likely to lead to additional burden on the exchequer and increase inflation by pushing demand.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
India's largest PSU bank, State Bank of India, delivered excellent results, once the impact of a big jump in employee expenses was adjusted for. The net interest income (NII) beat the Street due to a better net interest margin (NIM) and good loan growth. The credit growth at 5.2 per cent quarter-on-quarter (Q-o-Q) (15 per cent year on year) was excellent for a large bank.
Modi and Chouhan have visited Mahakoshal multiple times and reached out to tribals to shore up support for the BJP.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created - a proxy for net new formal jobs created - fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22.
The Congress will conduct a caste census in Madhya Pradesh after winning the assembly polls and establish a university in the name of Sant Ravidas, said party president Mallikarjun Kharge, accusing the regime at the Centre of wishing to change the Constitution.
The EPFO has about 3.7 crore (37 million) members.
In a setback to the ruling Bharatiya Janata Party-Balasahebanchi Shiv Sena combine in Maharashtra, the Opposition Maha Vikas Aghadi-backed candidates clinched two of the five legislative council seats which were up for grabs in biennial elections from teachers and graduates segments, and appeared poised to bag a third seat also.
Withdrawals from EPF and NPS to have same tax rates.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
Ashwini Vaishnaw has repeatedly warned officials "to take VRS and sit at home" if they did not perform.
The CBI after registering the FIRs carried out searches on Thursday morning at 14 locations in Jammu, Srinagar, Delhi, Mumbai, Noida in Uttar Pradesh, Trivandrum in Kerala and Darbhanga in Bihar, they said.
Sebi, which has been given powers to take action against all unregulated money pooling schemes worth over Rs 100 crore (Rs 1 billion) besides all public issuances of securities, has issued this fresh caution notice at a time when a large number of people have been duped by numerous schemes in various states and enforcement action is underway against such operators.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
Have the markets already played out their dynamics before the economy has even properly taken off? Are we now destined for a period of mediocre returns despite a strong economy? asks Akash Prakash.
The chief minister and his wife Kamlesh Thakur presented a cheque of Rs 51 lakh to chief secretary Prabodh Saxena at their official residence in Shimla.
Upon implementation of the 7th Pay Commission the expected yearly burden on the central exchequer will be more than Rs 100,000 crore. Central government employees will get on an average a 24 per cent pay hike. Still, the unions aren't happy.
In an online chat with readers a few hours after the Union Budget 2015-16 proposals were announced by Finance Minister Arun Jaitley, Sundeep Agarwal, Director, PwC India, answered related queries to help put the announcements into perspective.
It also promised financial assistance of Rs 24,000 annually to all dependent widows and single mothers, two free LPG cylinders to all the beneficiaries of the PM Ujjwala Yojana and 24x7 power supply.
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
The party released its manifesto -- Samajwadi Vachan Patra -- for the coming assembly elections, shortly after the BJP released its own.
The statement comes in the wake of two independent members of the NSC, P C Mohanan and J V Meenakshi, quitting the Commission over disagreements with the government on the back-series GDP data and delay in release of labour force survey. Mohanan was also the acting chairperson of the Commission.
A fierce competition among parties to offer freebies and guarantees, a scramble for tribal, OBC, women votes and a touch of Hindutva -- all have combined to make the Madhya Pradesh assembly polls a high-stakes battle with main rivals BJP and the Congress pulling out all the stops to gain power.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
EPF has traditionally been the only tool for Indians, especially the salaried class, to save for their retirement corpus.
Despite the equity booster, many would be uncomfortable about NPS.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
Taxation has played spoilsport despite double digit returns.
Farmers with land sizes less than 0.01 hectare have an average annual income of Rs 54732 and annual consumption of Rs 61296, thereby, a debt of Rs 6564 each year. Compare this with the minimum pay for a government employee, says Devanik Saha.
On retirement, you will draw a lesser amount as pension.
EPFO has verified or attested 64.67 lakh Aadhaar numbers.
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