Raising the issue during Zero Hour in the Rajya Sabha, Tapan Kumar Sen (CPI-M) said the move is a 'retrograde step' and asked as to why interest rates on employees' lifetime savings are getting cut when RBI has increased interest rates.
'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
With temperatures soaring in Paris Olympics, Indian athletes battling the soaring temperatures and lack of cooling in their rooms in the Paris Olympic Games Village have been provided with 40 portable air conditioners
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
With the finance ministry refusing to hike rates of Special Deposit Schemes and allow it to park funds in high interest bearing postal deposits, the Employees Provident Fund Organisation is toying with the idea of trading in government securities as
Employees' Provident Fund Organisation has been allowing members to contribute more than mandatory amount towards their pension account.
Distressed retailer Subhiksha on Thursday said its 15,000 employees have been unpaid since October last and it has been directed by Employees Provident Fund Organisation (EPFO) to pay the assessed dues at the earliest.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
The Indian Space Research Organisation (ISRO) has rescheduled the launch of PSLV-C59 to Thursday due to an "anomaly" detected in the PROBA-3 spacecraft. The launch was originally scheduled for Wednesday at 4.08 pm from the spaceport in Sriharikota. The anomaly was identified by scientists at the European Space Agency (ESA), who requested the rescheduling of the launch. The PROBA-3 mission, a joint project between ESA and ISRO, aims to study the Sun's corona using two spacecraft that will fly in formation. The launch will provide valuable insights for ISRO's future solar missions, including the Aditya-L1 mission which was launched in September 2023.
Sudha and Akshata Murthy's candid confessions about each other.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
Elaborating on this theme, Petroleum Minister Dharmendra Pradhan pointed out that if the power sector had not been opened up through reforms initiated in 2003, India would still have been in darkness.
According to the confession statement of Radha Kishan Rao, 'Peddayana' was very angry for not completing the work as per his expectation.
'Ratan had the quality that JRD and Russi Mody had -- they could walk with kings and never lose the common touch.'
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
The finance ministry appears to have ruled out subsidising Employees Provident Fund Organisation, despite the labour ministry struggling to bridge the Rs 927 crore (Rs 9.27 billion) deficit to pay 9.5 per cent interest to about Rs 4 crore (40 million
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
The New Pension Scheme is one of the more ambitious programmes tried out by the government. If successful, it has the power to transform India's savings habits.
The Centre has, perhaps for the first time, decided to provide funding support to farmer-producer organisations, krishi vigyan kendras, custom hiring centres, and individuals for purchasing them.
IT services major Infosys on Wednesday announced a new programme, wherein it will offer 500 job seekers the opportunity to complete a fully digital, online diploma course certified by Salesforce. The programme aims to prepare Americans for 21st century careers in the technology sector. Leveraging Trailhead, Salesforce's free online learning platform, the program will train these 500 American workers, free of cost, for roles at Infosys as Salesforce Certified Administrators and Salesforce Industries Developers, a statement said. The programme, targeting recent graduates from major universities, liberal arts colleges, and community colleges, will help Infosys to create a workforce prepared for the future, it added.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
Six states out of 22 major states and Union Territories (UTs) generated fewer formal jobs for the youth in the September quarter than they did in the corresponding quarter a year ago, a Business Standard analysis of the data released by the Employees Provident Fund Organisation (EPFO) shows. States like Punjab (-12.4 per cent), Himachal Pradesh (-10.3 per cent), Jharkhand (- 7.2 per cent), Assam (-3.7 per cent), Gujarat (-3.4 per cent) and Rajasthan (-.1.1 per cent) saw further decline in the number of net new subscribers in the second quarter (Q2) of FY23 compared to the last year. The analysis did not include northeastern states, except for Assam. This is crucial as the subscribers in the 18-28 age group are seen as first-timers in the labour market, thus reflecting the robustness of the job market.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
Money to the tune of Rs 3,837 crore was lying unclaimed in the inoperative accounts of Employees Provident Fund.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The Employees' Provident Fund Organisation can comfortably offer 8.5 per cent interest rate to its 4.41 crore (44.1 million) depositors during 2009-10 and still record a surplus contrary to Rs 139-crore (Rs 1.39 billion) losses suffered by it for giving the same benefit during the current fiscal.
A senior EPFO official said, "(Subhiksha) was given 15 days, starting February 20, to pay the PF dues. Since these were not paid, we will go ahead with the action and set a target to collect the dues before March 31, 2009, when the fiscal year comes to an end." The PF dues to be paid for the June-September period of 2008 were around Rs 1.46 crore. The status of Subhiksha's PF payments in other parts of the country will also be checked.
During 2019-20, the number of net new subscribers rose to 78.58 lakh as compared to 61.12 lakh in the preceding fiscal.
The EPFO has about 3.7 crore (37 million) members.
The number of contributors was 46.4 million in July and 44 million in September.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
