The National Social Security Number will be issued to the 4 crore (40 million) members covered by the scheme on the lines of the Permanent Account Number (PAN) given by the income tax department.
'As a child, I didn't even know that he was an IPS officer... It was much later when I came back to India'
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.
Last month, the Employees' Provident Fund Organisation had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11, evoking sharp criticism within and outside Parliament.
The move comes after United States President Donald Trump accused Islamabad of giving nothing to the US but "lies and deceit" and providing "safe haven" to terrorists.
Amidst reports of a cut in interest rate on Employees Provident Fund, Labour Minister Sis Ram Ola on Thursday said he will meet Finance Minister P Chidambaram to decide on the returns for the over 32 million subscribers for this year.
PFRDA will invite bids to appoint pension fund managers.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
The Union Labour Minister Sahib Singh Verma said on Friday that he would soon make public the names and other details of the major provident fund defaulters.
Over 10 lakh workers who quit or lost jobs so far this fiscal got a major relief on Monday with the government taking a decision to pay 8.5 per cent interest on employees provident fund.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
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.
At present, organised sector workers covered under social security schemes run by EPFO are exempted from contribution towards schemes.
Six firms have qualified for managing EPFO funds.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
The 48-odd million employees covered by the Employees Provident Fund Organisation (EPFO) may be touched that the finance ministry is actually considering a proposal to extend the organisation a fiscal helping hand to offer a rate of interest comparable with other savings instruments.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
The government on Thursday ruled out any cut in interest rates on Employees' Provident Fund this fiscal from the present 9.5 per cent, but said it would be reviewed only next fiscal based on the surplus position, Labour Minister Sahib Singh Verma
The the scheme has a subscriber base of 35 million.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
Retirement fund body EPFO's apex decision making body Central Board of Trustees (CBT) is likely to decide rate of interest on PF deposits for 2012-13 in its meeting scheduled on January 15.
How a chartered accountant won the battle against his company of interest on his PF dues
'I declared myself a Sikh. We want freedom from caste discrimination.'
The 4.7 crore (47 million) EPFO subscribers were left guessing during the year on continuance of 9.5 per cent interest rate for this fiscal, with the retirement fund body, in an unprecedented development, deciding to refer it to the finance ministry for a final decision.
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.
Over five crore subscribers of the retirement fund body EPFO are likely to get 8.5 per cent return on their investment during 2012-13, higher than 8.25 per cent paid in the previous fiscal.
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
Retirement fund body EPFO has retained 8.5 per cent interest rate on employees' provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday. A large number of the members of the Employees' Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI. The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members' account for the last financial year.
You don't prep for 2028 but for 2040, or even 2044. Sustained sporting excellence is based on mass support, grassroots development, and funding - and it is this trifecta India needs to work on, systematically, asserts Prem Panicker.
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) today decided to retain the previous year's interest rate of 8.5 per cent for the current fiscal.
Some cases are pending for two years.
Going back to the board, analysing mistakes and efficiently addressing them can help entrepreneurs establish successful start-ups in the long run, says Vikram Bhandari, the chief technology and innovation officer at Riveron, a business advisory firm.
The Employees Provident Fund Organisation will be seeking approval from its apex decision-making body, the Central Board of Trustees, to implement a finance ministry order to invest up to 15 percent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.
The Jammu and Kashmir administration on Saturday sacked six government employees, including five policemen, for their 'deep involvement in anti-national activities', officials said.
Under the scheme, the government will provide subsidy for two years in respect of new employees engaged on or after October 1, 2020, and up to June 30, 2021, Labour Minister Santosh Gangawar said in a briefing on the Cabinet decision.
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