EPFO has an ambitious plan to settle the claims within few hours after filing of application
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
The Finance Audit and Investment committee recommended 8.95% interest.
The Union Budget 2021-22 has made it easier for sovereign wealth funds and pension funds to invest in Indian infrastructure projects, but some of the new rules may need more clarity, experts said. The proposed regime requiring investments through holding companies may have adverse tax implications for such funds and may create an arbitrage between the new and old projects, they said. Besides, the ownership structure of holding companies through which investments are to be made requires further clarification, they added.
Suppose you had bought a television set that came with a one-year warranty. It breaks down two years after purchase. You can't react emotionally and say that such an expensive set should last for at least five-six years.
In view of the proposed one per cent slash in interest rate on special deposit scheme from April, the Central Board of Trustees of Employees Provident Fund Organisation will meet on Friday to decide on the rate of interest on EPF for 2003-04.\n\n\n\n
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Prime Minister Narendra Modi on Monday expressed confidence that the NDA will get more than 400 seats and the BJP will win at least 370 seats in the Lok Sabha elections.
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
The PM also said that the country does not face problems in farm production but in post-harvest losses and therefore efforts are being made to strengthen post harvest infrastructure facilities and ensure better income for farmers.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
RediffGURUS Ashwini Dasgupta, Anu Krishna, Dr Karthiyayini Mahadevan and Jinal Mehta answer queries from Rediff readers.
West Bengal Chief Minister Mamata Banerjee on Saturday accused NIA officials of attacking villagers in Purba Medinipur district, the BJP hit back at her saying that the attack on the NIA officials is Sandeshkhalli 2.0 orchestrated by the state.
According to the law, the contribution "should not be more than 5 per cent of the amount paid to gig workers. The government is likely to start seeking contribution from gig companies towards the fund from April 1, 2021.
EPFO has allotted Universal Account Number (UAN) for portability and consolidation of all previous accounts.
Edtech major Byju's is growing slowly but sustainably and is close to achieving profitability at the group level, the company's CEO Byju Raveendran said on Thursday. The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future. According to sources, who attended the town hall, Raveendran said that issues with $1.2 billion Term Loan B lenders are being resolved through discussion and hopeful of a positive outcome in the next few weeks without the court's intervention.
Out of around 80 million accounts that were analysed, there were 10 million records with only names and no other details about the subscribers, including their date of joining, date of birth and father's name, among others, in the EPFO's records.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
The court directed the CBI to investigate allegations of crimes against women and forcible land grabbing in Sandeshkhali and submit a comprehensive report to it on the next date of hearing.
Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year.
Are faulty design, hurried construction and private ownership to be blamed for the incidents of airport roofs crashing?
It also opposed the suggestion that the contributions be transferred to the National Disaster Response Fund.
In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
At present, the EPFO is mandated to invest 20-45 per cent of its incremental funds - of around Rs 1.5 trillion - in debt-related instruments.
The case has been registered against entities such as the Halal India Private Limited Chennai, Jamiat Ulama-i-Hind Halal Trust Delhi, Halal Council of India Mumbai, Jamiat Ulama Maharashtra and others for allegedly exploiting religious sentiments to boost sales by providing halal certificates to customers of a specific religion, the UP government said in a statement on Saturday.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
'There is no safe spot in Gaza.' 'Israeli airstrikes are targeting everything, everywhere.' 'Hospitals, mosques, churches, schools have been bombed. These are places where people were taking shelter.'
Terrorism is the biggest curse for the society, he said, adding that if there is any country which bore the maximum brunt of terrorism, it is India.
Additional Sessions Judge Hardeep Kaur was hearing the arguments regarding the applications. Special Public Prosecutor Atul Shrivastava cited a Supreme Court judgment and said the accused had to approach the police commissioner, who would then form a committee regarding the same.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
Advertisements of charitable organisations and crowdsourcing platforms must not disrespect the dignity of the beneficiaries by showing their graphic images, the Advertising Standards Council of India (Asci) said in its guidelines for charitable causes released on Thursday. Additionally, these ads must disclose how much of the raised funds would be used as fee by the platform, it added. Acknowledging that crowdsourcing platforms provide reach through ads and organic posts to beneficiaries by helping them tap potential donors, Asci said: "There have been some concerns about ads that create donor distress through the use of images that may be too graphic."
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
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