The EPF Board on Saturday failed to clinch the contentious issue of interest rate for the current fiscal for its four crore subscribers and rejected finance ministry's proposal to invest 5 per cent of the EPF money in the equity market.
Welcoming the move, the Capstocks MD V Rajendran said the move would prove beneficial for the bourses in the long term, and will aid the economy to ensure a steady flow of funds into the stock markets.
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Indian doctor Mohamed Haneef, who was wrongly detained in Australia for alleged terror links, has cancelled his temporary Australian visa. Haneef is believed to have cancelled the temporary business visa on August 17 to unlock the superannuation contributions made before he was wrongly accused of supporting terrorism.
Retirement fund body EPFO may lower the interest rate on deposits to 8.6 per cent for over 4.7 crore (47 million) subscribers for 2011-12 to match it with the rate of public provident fund (PPF) scheme.
The Employees Provident Fund Organisation has started looking for options to park 3-5 per cent of its huge corpus of Rs 2.57 lakh crore (Rs 2.57 trillion) of retirement fund in stock markets to earn better returns.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
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The Employees Provident Fund Organisation is pressing State Bank of India, one of the four retirement fund managers, to comply with a clause that provides for a penalty for keeping money idle for over a day.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
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If your EPF account has been lying dormant for more than three years that you must sit up and take notice. Else you may not earn interest on it.
The deduction will be higher and net take-home pay will fall.
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
The Communist Party of India (Marxist)-affiliated Centre of Indian Trade Unions on Wednesday demanded that the 9.5 per cent interest for the over 3.2 crore provident fund subscribers be retained.
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.
The finance ministry wants the Employees' Provident Fund Organisation to bypass the central board of trustees when deciding how to invest a portion of the Rs 5-lakh crore (Rs 5 trillion) provident fund corpus in the capital market.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
Provisions of RERA, subsidy under PMAY and relaxation in PF withdrawal to buy a house will aid affordable housing, points out Harsh Roongta.
Reacting sharply to the Global Hunger Report 2021, the Women and Child Development Ministry said it is 'shocking' to find that it has lowered the rank of India on the basis of FAO estimate on proportion of undernourished population which is found to be 'devoid of ground reality and facts, and suffers from serious methodological issues'.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
Despite the labour ministry's claims that it is vigourosly chasing the employees provident fund defaulters, the money that employers owed to the fund mounted to Rs 1,758 crore till July, but EPFO might be able to realise only Rs 571 crore.
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
Bowing to pressure from Left- backed trade unions, the Employees Provident Fund Board agreed on Monday to continue paying 8.5 per cent interest rate to its nearly 4 crore subscribers for fiscal 2006-07 as well.
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The 15% invested every month in equity would be allotted to subscribers in the form of units.
If your account is idle for over five years, there could be issues with acquiring EPF details.
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
The Central Board of Trustees of Employees Provident Fund is likely to defer a decision on interest rate to be given to its more that 4 crore (40 million) employees this fiscal.
EPFO had started allotting UAN numbers in July 2014.
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Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
