Saddled with huge arrears from the PSUs and the private sector, the Employees Provident Fund Organisation on Tuesday launched an action plan, including the attachment of property and freezing of bank accounts.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
Retirement fund body EPFO is all set to start online transfer of provident fund accounts in the first fortnight of October, a move that will benefit over 13 lakh applicants every year.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
India have been the FIH's top market in the last decade or so in terms of sponsorships and monetary benefits, and the world body official stressed that the country will continue to hold its significance despite the sport spreading its wings to other parts of the world.
Detecting frauds worth about Rs 1 crore in claims settlement across the country, Employees Provident Fund Organisation on Wednesday decided to set up a fact finding team to investigate into the matter as part of efforts to prevent such misdemeanours.
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.
Indian cricket icon Sachin Tendulkar has donated an undisclosed amount to financially help 4,000 underprivileged people, including children from Brihanmumbai Municipal Corporation (BMC) schools, amid the coronavirus pandemic. Tendulkar made the donation to the Hi5 Foundation, a non-profit organisation based out of Mumbai.
The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
The Central Board of Trustees of the EPFO will meet on Friday to decide on the setting up of separate agencies for recovery of arrears and audit, and the rollover of interest of the IFCI.
Notices have been issued to the company for penal damages.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
The third crucial meeting of the EPF Board began in New Delhi to decide on the interest rate for its 3 crore subscribers for this year amidst some trade unions' demands for 12 per cent interest against 9.5 per cent offered during 2003-04.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
The meeting of Central Board of Trustees is likely to be stormy on Thursday with both right and left wing trade unions making up plans to demand at least 9.5 per cent EPF rate
The Jammu and Kashmir administration on Saturday sacked six government employees, including five policemen, for their 'deep involvement in anti-national activities', officials said.
Labour Minister Santosh Gangwar said, the purpose of labour reforms is to provide a transparent system to suit the changed business environment.
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 Central Board of Trustees of Employees Provident Fund Organisation is likely to cut the EPF interest by one per cent from the present 9.5 per cent when it meets on May 31.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
In May, EPFO received deposits of Rs 6,500 crores (Rs 65 billion) which, is 200 crores more than what was received in April this year.
The EPFO Board will for the third time meet in New Delhi on Tuesday to decide on the interest to be offered to its three crore subscribers this year, even as trade unions' demand higher returns.
Jim Ratcliffe pledged to invest $300 million in Manchester United to try to revive its fortunes.
Sri Lanka's Criminal Investigation Department has arrested the head of the finance division of the Tamil Rehabilitation Organisation, a front organisation for the Liberation Tigers of Tamil Eelam, in Jaffna.He is alleged to have provided millions of rupees to the Tiger rebels for their war efforts. Investigations have claimed that he had provided TRO funds to slain LTTE leader Velupillai Prabhakaran, its political head S Thamil Selvan and several key members.
Some unions have opposed EPFO investing in share markets.
AUM had touched a record level of Rs 9.58 lakh crore in August last year.
The disbursal included Rs 1,000 crore for migrant welfare and over Rs 1,392 crore for procurement of Covid vaccine doses.
The meeting has been called as the Finance Minister P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the Employees' Provident Fund Organisation.
