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.
While Employees State Insurance Corporation data shows job creation in February had dropped, Employees' Provident Fund Organisation said it had actually shown robust growth.
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.
A remarkable story which helped in transforming a bureaucratic organization, to a customer centric organization. This experience may inspire several government / private organizations to modify or adopt digitisation to transform their business, notes Professor N Ravichandran (retd).
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
The failure of the government to decide on the interest rate for provident fund is likely to hit around two million subscribers.
EPFO is managing a corpus of Rs 6.5 lakh crore.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
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.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
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.
From using lavender in traditional Dogri embroidery to making essential oils, beauty products and food syrups infused with this flowering plant, Bhaderwah, once known for its maize fields, is embracing lavender to bring about an economic transformation to their small town.
Companies have been approached to set up incubation centres that will offer financial and non-financial support to manufacturing startups at various levels.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The CBT headed by Union labour minister would meet on September 4.
Labour secretary dismisses finance secretary's doubts, says there is enough in the account to pay 9.5%.
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.
Tahawwur Hussain Rana, a Pakistan-born Canadian national and close associate of David Coleman Headley, could be extradited to India in connection with the 26/11 Mumbai terror attacks. Rana's travel history in parts of north and south India before the attacks in 2008 is expected to provide crucial leads for the investigation. His extradition would mark the third person to be tried in India for the attacks, after Ajmal Kasab and Zabiuddin Ansari alias Abu Jundal.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
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.
Labour Ministry has justified EPFO's declaring 9.5 per cent interest for 2010-11.
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 Bharat Mata controversy in Kerala shows how political and symbolic fights between the state and the Centre have taken attention away from education, throwing the state's oldest university into confusion and disorder, observes Shyam G Menon.
There are differences between the ministries of labour and finance on the issue.
'He has been a promoter and supporter of these Games during his first term. These Games were allocated to Los Angeles during the first term. He loves sport.'
The agency's case is based on a National Investigation Agency complaint filed against the accused and Pakistan-based organisation Falah-i-Insaniyat Foundation.
Often criticised for offering less attractive interest rates than banks for most of the last five years, retirement fund manager EPFO hiked the annual rate of returns on employee provident funds to 9.5 per cent in 2010 and this time around, the banks were left behind.
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 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.
India's biggest state-run pension fund, the Employees Provident Fund, will aim to keep interest rate returns high, Labour Minister Sahib Singh said on Friday, despite an overall easier monetary climate.\n\n
The first phase of computerisation of the EPFO offices were to be completed within a year of the EPFO's apex body -- Central Board of Trustees' (CBT)-- approval of the project in April last year.
The administration has introduced 'Maidan Cup' in collaboration with the Mann Deshi Foundation and Sachin Tendulkar Foundation, under which 50 playgrounds will be developed in Dantewada to boost sports culture and talent.
In a continued push to spiritual tourism, there will be a focus on destinations related to the life and times of Lord Buddha.
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.
The decision would leave a surplus of Rs 15.26 crore.
'Both international cooperation and self-reliance will now acquire new purpose.'
The Employees' Provident Fund Organisation's key advisory body, Finance and Investment Committee, would meet next month to take a view on parking 3 to 5 per cent of its large corpus of Rs 2.57 lakh crore (Rs 2.57 trillion)in the capital market.
