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.
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.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
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.
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'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.
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.
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.
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.
'By March-end, we should have closure of the PNC portfolio. After completion of PNC acquisition.'
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.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
'A long-term investor with a 4 to 5 year horizon could invest in this theme via SIPs.'
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.
How a chartered accountant won the battle against his company of interest on his PF dues
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.
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.
Only Mukesh Ambani and Gautam Adani are ahead of her.
Do we have enough trained oncologists and medical professionals in India to man these over 4,500 beds in the public sector?
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.
Some cases are pending for two years.
In a first-of-its-kind initiative involving precision-flying, Indian Space Research Organisation on Thursday successfully launched the Proba-3 mission onboard a PSLV-C59 rocket, a solar experiment undertaken by the European Space Agency.
Under capital expenditure, Rs 48,614 crore has been set aside for aircraft and aero engines while Rs 24,390 crore has been allocated for the naval fleet.
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.
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).
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.
At present, someone short of the retirement age can completely withdraw the PF money.
Observing that it does not propose to run the administration in Manipur, the apex court said necessary verifications shall be carried out before issuing the Aadhaar cards expeditiously.
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
Proposal to raise the rate from 8.5 per cent to 9.5 per cent had come from the Central Board of Trustees of the Employees Provident Fund Organisation.
'Binary fission will happen -- startups will lead to more startups.'
As long as a provident fund continues to be exempt from tax at all stages, it is the best option to build a retirement corpus.
'Neither are Baloch insurgents capable of breaking up Pakistan, nor has Pakistan learned any lessons from the 1971 debacle that led to the country's dismemberment.'
The online application of such claims would enable EPFO to eventually settle those within three days.
A total of 121 people, mostly women, died in the stampede after a satsang of Surajpal alias Bhole Baba alias Narayan Sakar Hari on July 2 in Fulrai village in Hathras' Sikandra Rao area.
