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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
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.
Notices have been issued to the company for penal damages.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
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.
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 EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
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.
"People in India are benefiting from the whole process of liberalisation," Finance Minister Arun Jailtey said.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
7 million jobs will be created in formal sector in FY18
'Binary fission will happen -- startups will lead to more startups.'
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
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.
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.
Before opting for this scheme, consider how EPS is calculated.
In the last three years, the Union Territory administration has invoked 311 (2)(c) of the Constitution to sack more than 50 employees, who were allegedly operating in shadows within the government and drawing a salary from the public exchequer, however, they were helping Pakistani terror outfits, providing logistics to terrorists, propagating terrorists' ideology, raising terror finances and furthering secessionist agenda, officials said.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
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.
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.
There is widening gap between what the government's premier retirement fund makes on its investments and what it offers to employees. The Employees' Provident Fund Organisation (EPFO) makes the bulk of its investments in government-related securities. In other words, it lends to central and state governments and related entities. The interest it gets from these instruments is largely what it uses to pay interest to its subscribers.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
While looking to give a boost to the mutual fund sector with some contribution from about Rs 5.5 lakh crore (Rs 5.5 trillion) corpus being managed by Employee Provident Fund Organisation, Sebi feels that age restrictions would safeguard investors from 'unnecessary risks' during years closer to their retirement.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
In December 2020, as economists debated the shape the global economic recovery might take - Z, V, U, W or L - JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
The draft scheme, seen by PTI, said it will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank.
The Finance Audit and Investment committee recommended 8.95% interest.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
During February 2019, the highest number of 236,000 jobs were created in the 22-25 years age group, followed by 209,000 in the 18-21 years age bracket.
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