In a significant development, India is believed to have placed a funding request of around $55 million in its first call with the Pandemic Fund of the World Bank, sources said. The fund has been set up to finance critical investments in a bid to strengthen pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with a focus on low- and middle-income countries. It was created in the aftermath of the Covid-19 global pandemic.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
The EPFO has about 5 crore (50 million) subscribers and the decision will have a bearing on their retirement fund.
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.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
New India Assurance and Niva Bupa have invested in the Bima Sugam India Federation.
Interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021, a move aimed at taxing high-value depositors in the EPF. Finance Minister Nirmala Sitharaman said the Employee Provident Fund (EPF) is aimed at welfare of workers and any person earning less than Rs 2 lakh per month will not be affected by the Budget proposal. Expenditure secretary T V Somanathan said the number of people who actually contribute more than Rs 2.5 lakh is less than 1 per cent of the total number of contributors in the EPF.
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
It wants PF to be calculated on all other allowances made by employer under sundry heads.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
'The country is a good test bed for enterprise adoption, but to scale rapidly, companies will need to look outside the country for customers.'
Singh asserted that Deshmukh set a staggering collection target of Rs 100 crore for his officers, specifically from Mumbai, while also discussing plans to target key opposition figures, including former Chief Minister Devendra Fadnavis of the Bharatiya Janata Party.
The Supreme Court on Monday said the trial of the Manipur ethnic violence cases, probed by the Central Bureau of Investigation, would be conducted in Guwahati, Assam, where it was transferred to earlier.
Trump thanked the Government of Pakistan for "helping arrest this monster".
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
Under its new chairman Tuhin Kanta Pandey, the Securities and Exchange Board of India (Sebi) has gravitated towards greater transparency and ease of doing business, setting an objective of "effective and optimum" regulation. On Monday, during its first board meeting under Pandey, the regulator has decided to constitute a high-level committee (HLC) to review conflicts of interest and unveiled initiatives to simplify regulatory processes.
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.
EPFO is managing a corpus of Rs 6.5 lakh crore.
'It is imprudent on the part of Indian insurance companies to invest out of the shareholders' fund in a private limited company.'
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.
Debt as an investment avenue for the wealthy has been attracting more assets than equity. The portfolio management service (PMS) industry, whose services require a minimum investment of Rs 50 lakh, has seen a 4.4 per cent decline in equity assets since March 2022.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
The CBT headed by Union labour minister would meet on September 4.
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.
BJP president JP Nadda said on Sunday that the party does not seek to control the Waqf Board but wants to ensure that those managing it operate within the bounds of law and adhere to established rules. He said the properties and funds of the Waqf Board should be dedicated to promoting education, providing healthcare and employment opportunities for the Muslim community. Nadda also highlighted the BJP's growth and achievements, emphasizing its commitment to national unity and cultural heritage.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
The agency's case is based on a National Investigation Agency complaint filed against the accused and Pakistan-based organisation Falah-i-Insaniyat Foundation.
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.
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.
'Parents are forced to provide their children to Russian re-education camps in occupied territories and in different parts of Russia, for example, in Chechnya, where Ukrainian children wearing military uniform are taught to use weapons.'
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.
There are differences between the ministries of labour and finance on the issue.
