The Finance Audit and Investment committee recommended 8.95% interest.
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 rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
The value of unclaimed securities and other assets was nearly Rs 20,000 crore in March 2020.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
Syed Abdul Mueed is the third son of the Hizb chief to have been sacked from the government job.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
During December 2018, maximum number of 217,000 jobs were created in the 18-21 years age group followed by 203,000 in the 22-25 years age bracket.
EPFO has recently issued Universal PF Account Numbers for 4.17 crore contributing members.
US media reports that Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, could be the latest technology giant to downsize its workforce have triggered trepidation among its 300-400 employees in India, according to people familiar with the matter. "We have not heard much about the impact (of downsizing) on India. "It's a wait-and-watch situation. Certainly, there is uncertainty," said a source.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
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.
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.
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month.
Suppose you had bought a television set that came with a one-year warranty. It breaks down two years after purchase. You can't react emotionally and say that such an expensive set should last for at least five-six years.
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.
West Bengal Chief Minister Mamata Banerjee on Friday wrote to Prime Minister Narendra Modi, saying that her state would sever all ties with the Damodar Valley Corporation (DVC) for 'unilaterally releasing water', which led to floods in south Bengal districts.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
The highest number of jobs were created in the age group of 18-21 at 1.29 million, followed by 22-25 years of age at 1.12 million during these seven months.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
'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.
Elaborating on this theme, Petroleum Minister Dharmendra Pradhan pointed out that if the power sector had not been opened up through reforms initiated in 2003, India would still have been in darkness.
India's consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports. "Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
'Where in the world you get 12.5 per cent return of interest?'
The Swiss authorities have never considered tax evasion a reason for breaking banking secrecy on an account; what they have acknowledged now is that they will cooperate in cases of tax fraud, which has a tighter definition.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
If your account is idle for over five years, there could be issues with acquiring EPF details.
Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
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.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
The decision to suspend this benefit will hit 32 lakh pensioners.
The payroll data has been revised downwards for each of the nine months between September 2017 and May this year
The Vasundhara Raje government's initiatives mark a critical step forward in labour law reforms.
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