The approval is in addition to the existing scheme for the wage months of March to May, 2020 approved on April 15, 2020. The total estimated expenditure is Rs 4,860 crore and over 72 lakh employees in 3.67 lakh establishments will be benefitted.
A health care savings fund must be introduced for all salaried employees similar to the PF scheme and it should be tax deductible.
The Pension Fund Regulatory and Development Authority will consider a proposal to manage the pension funds of companies at its board meeting on Wednesday, extending its role from being manager of individual pension plans.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The Left parties on Tuesday lashed out at the UPA government equating it with the previous NDA regime for reducing the EPF interest rate and demanded reconsideration of the decision.
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.
A consensus eluded the Central Board of Trustees on the controversial issue of interest rates for 3 crore (30 million) provident fund subscribers amid indications that the board would take up the matter next month.
The EPFO Board will for the third time meet in New Delhi on Tuesday to decide on the interest to be offered to its three crore subscribers this year, even as trade unions' demand higher returns.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
In a bid to take forward labour reforms, the government on Thursday said units in the special economic zones will be exempted from making contributions to Employees Provident Fund and Employees State Insurance for five years.
Oil and Natural Gas Corporation, Indian Oil Corporation, Bharat Heavy Electricals Ltd, HMT and Maruti Udyog Ltd are among the corporates that defaulted in remitting their provident fund share to the Employees Provident Fund Organisation
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.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
Tax Guru Anil Rego answers your personal income tax queries.
"We should encourage greater outward investment by provident funds and insurance companies when inflows are high. Such diversification will make these funds more stable (give them less exposure to high volatility India markets)," said the draft report of the the Committee on Financial Sector Reforms, headed by former IMF Chief Economist Raghuram G Rajan.
The Employees Provident Fund Organisation's apex decision making body, the Central Board of Trustee on February 25 had decided to pay 8.5 per cent rate of interest to subscribers for 2012-13.
For professionals, new pension scheme gives an equity booster but does not guarantee returns, comes at a cost.
Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The Union labour ministry has said that it can invest part of the Rs 5 lakh crore (Rs 5 trillion) provident fund corpus in the stock market provided the finance ministry guarantees safety of the workers' money.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
The government has announced that an interim investment pattern would be notified for funds collected under the New Pension Scheme to allow 5 per cent investment of the corpus in stock markets.
Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
When the state is unable to provide adequately for the bottom half of the population, should it be giving tax benefits to the well-off?
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
You must try these easy recipes from Bethica Das in Sharjah.
43-year-old Ashutosh Astana, who has been in jail since his arrest in January last year, was found unconscious in this cell at around 1400 hrs , Jail Superintendent V K Singh told PTI. "He was sweating a lot and was rushed to the district MMG government hospital but doctors there declared him brought dead," Singh said, adding the exact reason of his death is yet to be ascertained.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
EFPO launched a number of new facilities this year.
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