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.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
At present, organised sector workers covered under social security schemes run by EPFO are exempted from contribution towards schemes.
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
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
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.
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.
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.
The the scheme has a subscriber base of 35 million.
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.
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.
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.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
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.
A parliamentary committee has suggested 'consent of the recipient' was a must in case a National Akademi decided to confer an award to prevent the honour's return by the individual for political reasons as it was 'disgraceful' to the country.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19.
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 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.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
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.
'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.'
In a bid to provide jobs to the youth, Finance Minister Nirmala Sitharaman on Tuesday proposed to launch an ambitious scheme for providing internship opportunities in 500 top companies to 1 crore youth over a five-year period.
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
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.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
How a chartered accountant won the battle against his company of interest on his PF dues
Law enforcement officials from the US Department of Homeland Security have started visiting gurdwaras in New York and New Jersey to check for the presence of illegal immigrants, drawing a sharp reaction from some Sikh organisations which see such actions as a threat to the sanctity of their faith. The Trump administration has rescinded the Biden administration's guidelines that protected places of worship from immigration enforcement actions, leading to concerns that gurdwaras are being targeted. Sikh organisations argue that gurdwaras are not just places of worship but also vital community centres and that surveillance and raids by armed law enforcement would burden religious exercise and limit the ability of Sikhs to gather and associate with one another.
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.
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.
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 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.
Some cases are pending for two years.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
The Employees' Provident Fund Organisation (EPFO) is crunching its numbers under pressure for sustaining a 9.5 per cent interest rate in the current financial year.
In an effort to instill the spirit of a service provider among the rank and file of the Employees Provident Fund Organisation, a new business model for its human resources is being examined under a re-engineering exercise.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
'A long-term investor with a 4 to 5 year horizon could invest in this theme via SIPs.'
'By March-end, we should have closure of the PNC portfolio. After completion of PNC acquisition.'
From bhikshus of Ashokan 3rd century BC and medieval Sufis to Oxfam, Omidyar and Soros now, non-State actors have any real power only when they work in conjunction with a real State, asserts Shekhar Gupta.
At present, someone short of the retirement age can completely withdraw the PF money.
