Labour Minister Sahib Singh Verma on Tuesday expressed confidence that the 9.5 per cent EPF interest rate could be maintained next year, in spite of the falling interest rates.
Private firms will have to maintain a minimum net addition to their workforce each month from October this year to June 2021 to get the Employees' Provident Fund subsidy for the new recruits.
Agreeing to a partial rollover of the interest rate, the Central Board of Trustees of the EPFO on Friday asked the IFCI to pay 10 per cent on bonds issued by it for the next 10 years, starting from this fiscal.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
Business Processing Outsourcing (BPO) and Knowledge processing Outsourcing (KPO) firms are covered by the retirement fund body EPFO, Parliament was informed.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
The return from the ETF investment will be more than the 8.75 per cent the EPFO offers to subscribers now.
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
In an effort to attract investors to the Social Stock Exchange (SSE), the bourses have reached out to the Securities and Exchange Board of India (Sebi) and the government with the industry's demand for additional benefits on contributions made towards social enterprises through the platform. SSE is a regulated platform to facilitate organisations working towards social causes to raise funds and have access to higher capital through the bourses. The platform is aimed at becoming a meeting ground for donors and social enterprises.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
West Bengal Chief Minister Mamata Banerjee on Friday wrote to Prime Minister Narendra Modi, saying that her state would sever all ties with the Damodar Valley Corporation (DVC) for 'unilaterally releasing water', which led to floods in south Bengal districts.
A bench headed by Justice L Nageswara Rao directed the state governments to get help from the National AIDS Control Organisation (NACO) and legal services authorities to identify sex workers and maintain confidentiality pertaining to the identity of sex workers.
The value of unclaimed securities and other assets was nearly Rs 20,000 crore in March 2020.
Calculate his monthly expenses, health care spending, how much funds will he need once he retires, and whether his current savings and investments will enable him to manage his lifestyle through retirement, suggests Ashok Kumar E R, CEO and co-founder, Scripbox.
The agency said these accused persons collected information regarding vital installations, deployment and movement of security forces, procured official secret documents and passed on the same to their LeT handlers through encrypted communication channels for monetary consideration.
India's consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports. "Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
It is important to have the necessary documents on hand to verify the information in the form.
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.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
Ushering in a big wave of reforms by implementing the four labour codes, setting up the national social security fund to cover over 38 crore informal sector workers and improving the ease of doing business will top the agenda of the labour ministry in the New Year. In a major move, the ministry launched the e-Shram portal on August 26, 2021 for creating a national database of over 38 crore informal sector workers. It will help the government to ensure last-mile delivery of benefits of various social security schemes to the informal-sector workers.
The welfare schemes of the government, particularly Lakshmir Bhandar, have had a major impact on the electoral outcome.
The Finance Audit and Investment committee recommended 8.95% interest.
Around 67.59 jobs were generated in the entire 2018-19 fiscal, the payroll data based on members joining the schemes of the EPFO showed.
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
The then Uttar Pradesh chief secretary, Durga Shankar Mishra, in an order dated June 26 and issued to all the district magistrates of the state, cited a letter from the National Commission for Protection of Child Rights dated June 7.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.
The Reserve Bank of India (RBI) has updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of intergovernmental organisation Financial Action Task Force (FATF). PEPs are individuals entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials, said the RBI. This change is expected to provide more clarity to undertake Customer Due Diligence (CDD), said the RBI in a communication to REs.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
The new agri-infra fund, the duration of which will be 10 years till 2029, aims to provide medium-to-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
The stampede took place as people headed home after a satsang in the district's Phulrai village, conducted by a preacher known as Bhole Baba. Twenty-seven bodies were brought to a hospital in neighbouring Etah district. Senior Superintendent of Police Rajesh Kumar Singh said 23 of them were women. And 89 lay dead in Hathras itself.
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.
Generative AI (GenAI) has the potential to add a cumulative $1.2-1.5 trillion to India's GDP over the next seven years, according to a report by EY. The report titled 'AIdea of India: Generative AI's potential to accelerate India's digital transformation' says that in 2029-30 alone, GenAI can contribute an additional $359-438 billion to India's GDP. The report said that around 69 per cent of the overall impact of GenAI on India's GDP is expected to be derived from sectors such as business services (including IT, legal, consulting, rental of machinery and equipment, and others), financial services, education, retail, and healthcare.
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.
In December 2020, as economists debated the shape the global economic recovery might take - Z, V, U, W or L - JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
Seventy two years ago, a newly independent India ventured to hold the the first Asian Games in Delhi with meager resources.
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.
