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.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
The rest 25% would be paid to the subscriber at the age of 58.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
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.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
Wealth management seems to have moved from family office solutions to CXO office solutions.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees' Provident Fund Organisation (EPFO). Besides, the net payroll additions -- calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers -- increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
Notices have been issued to the company for penal damages.
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During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
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HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
In his address after more than 75,000 people were given appointment letters for various government jobs in the first tranche, Modi acknowledged the challenges facing the economy the world over with many countries hit by a record inflation and unemployment and said India is making every effort to come out of the situation unscathed.
"People in India are benefiting from the whole process of liberalisation," Finance Minister Arun Jailtey said.
Employees joining companies after August and availing of the government benefits under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) will also have to link their PF accounts with Aadhaar numbers.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Labour Minister Santosh Gangwar said, the purpose of labour reforms is to provide a transparent system to suit the changed business environment.
7 million jobs will be created in formal sector in FY18
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
AUM had touched a record level of Rs 9.58 lakh crore in August last year.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
Around 67.59 jobs were generated in the entire 2018-19 fiscal, the payroll data based on members joining the schemes of the EPFO showed.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
Some unions have opposed EPFO investing in share markets.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Before opting for this scheme, consider how EPS is calculated.
