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Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
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.
Last week, the Ministry of Labour and Employment suspended the second in command in EPFO's Hyderabad office.
Companies with 10 employees may also come under EPF Act.
The EPFO has about 5 crore (50 million) subscribers and the decision will have a bearing on their retirement fund.
'Ratan had the quality that JRD and Russi Mody had -- they could walk with kings and never lose the common touch.'
The EPFO on Friday deferred a decision on interest rate on provident fund deposits for 2010-11 following pressure from trade unions that want rates to be raised to 9.5-10.5 per cent from 8.5 per cent.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
With temperatures soaring in Paris Olympics, Indian athletes battling the soaring temperatures and lack of cooling in their rooms in the Paris Olympic Games Village have been provided with 40 portable air conditioners
While the country's unemployment rate is falling, the quality of employment seems to have taken a hit. The pace of formalisation slowed in the five months of the current financial year (April-August) with more than half a million fewer formal jobs created in the period compared to the same period last year, according to data from the Employees' Provident Fund Organisation (EPFO). The payroll data showed that cumulatively 4.92 million new subscribers joined the social security organisation between April-August this year, compared to 5.51 million subscribers in the same period in the previous year, reflecting a 10.7 per cent decline in the number of new payrolls created.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
India's premier defence research organisation DRDO has awarded seven new projects to private entities to develop key military assets including underwater launched unmanned aerial vehicle and long-range remotely operated systems.
It wants PF to be calculated on all other allowances made by employer under sundry heads.
Top on the government's agenda would be getting Parliament's approval to the budgetary proposals and presentation of the budget for the Union Territory of Jammu and Kashmir.
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.
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.
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
PF is a long-term investment tool for funding your retirement. It should not be used as a short-term funding source each time you shift jobs. You lose out on the power of compounding to build the corpus.
The agency's case is based on a National Investigation Agency complaint filed against the accused and Pakistan-based organisation Falah-i-Insaniyat Foundation.
Retirement fund body EPFO added 16.26 lakh subscribers on a net basis in November 2022, which is 16.5 per cent higher compared to a year ago, the labour ministry said on Friday. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Friday by the ministry highlighted that the EPFO has added 16.26 lakh net members in the month of November 2022. The data indicate a 25.67 per cent increase in net additions compared to the previous month in October 2022, a labour ministry statement said.
India's urban unemployment rate declined in Q4FY23 to 6.8 per cent - the lowest in over four years -- after it stagnated at 7.2 per cent in the previous October-December quarter, reflecting improvement in the labour market, according to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO) on Monday. The unemployment rate in current weekly status (CWS) terms for all ages in the March quarter was the lowest recorded in more than four years, from the time the NSO released India's first quarterly urban jobless rate for the December quarter in 2018. The jobless rate in urban areas had been on a continuous decline since the peak of 20.8 per cent in the April-June quarter of FY21.
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.
The Employees Provident Fund Board on Saturday recommended a 9.5 per cent interest rate for its around four crore (40 million) subscribers for 2004-05.
EPFO is managing a corpus of Rs 6.5 lakh crore.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The CBT headed by Union labour minister would meet on September 4.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
The successful launch of Aditya-L1 - the country's maiden mission to study the Sun - is expected to garner increased investor interest in the Indian space sector and trigger more funding for private players. Several private sector players, including Larsen & Toubro (L&T), MTAR Technologies, and Ananth Technologies, have played a pivotal role in the Indian Space Research Organisation's (Isro's) solar observatory mission. Aditya-L1 on Saturday set off on a 125-day journey on a PSLV-C57 rocket, in its attempt to study various elements relating to the nearest star from the halo orbit around Lagrange point 1 (L1) of the Sun-Earth system, which is about 1.5 million km from Earth.
In the jobs created in 2022, the share of those in the age group 18-25 increased to at least a five-year high of 56 per cent. A Business Standard analysis of the monthly Employees' Provident Fund Organisation (EPFO) payroll data shows in 2018 the share of youths among the new EPFO subscribers was 50.9 per cent. The National Statistical Office is releasing the monthly EPFO payroll data since April 2018 as part of the government's effort to track formal-sector employment by using payrolls as an instrument.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
Labour Ministry has justified EPFO's declaring 9.5 per cent interest for 2010-11.
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