EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
Amid oxygen shortage and a faltering health system in the country, India is seeing over 300,000 cases daily.
Trade unions' had demanded 8.9 per cent interest rate.
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
Billionaire and Mahindra Group chairman Anand Mahindra along with top Silicon Valley investors Naval Ravikant and Balaji Srinivasan are backing space tech start-up Agnikul as part of a new funding round. Chennai-based Agnikul said, on Thursday, that it has raised $11 million in Series A funding round led by Mayfield India. It is the largest funding round for a private Indian space technology company in the country. Existing investors pi Ventures, Speciale Invest and Artha Venture Fund also invested in this round.
Overall, the MF industry saw nearly Rs 5 trillion, or 18 per cent, of asset erosion in March, with the asset base shrinking to Rs 22.26 trillion from Rs 27.22 trillion at February-end.
The India Excellence Scholarships will support Indian students with an outstanding academic record who wish to pursue a full-time master's degree at UCL.
For someone who is such an indefatigable litigant, what is stopping Mr Saxena from using the law to depose Mr Kejriwal? Maybe we will get the answer after May 25, notes Aditi Phadnis.
EPFO has a subscriber base of around 6 crore (Rs 60 million).
rediffGURU Chandu Nair advises entrepreneurs and enterprises about how to create and build their business.
The sanction of Rs 8 lakh from Maharashtra Chief Minister's Relief Fund for a dance troupe's visit to Thailand has sparked a row with the opposition questioning the BJP-led government's "priorities" at a time when the state is reeling under severe drought.
Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
At present, the EPF subscribers are exempted from paying income tax on deposits.
Concerned with the continuous downward revision, the EPFO has since last month begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll.
During February 2019, the highest number of 236,000 jobs were created in the 22-25 years age group, followed by 209,000 in the 18-21 years age bracket.
Retirement fund body EPFO will provide permanent or universal account numbers on the pattern of core banking services to its over 5 crore active subscribers.
Right to apprenticeship, legal guarantee for MSP, passing a constitutional amendment to raise the 50 per cent cap on reservations for SCs, STs and OBCs, a nation-wide caste census and scrapping of Agnipath scheme are among the promises made by the Congress in its Lok Sabha polls manifesto released on Friday.
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
EPFO may start investing up to five per cent of its incremental corpus in the equity market.
Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
The EPFO launched one-page simplified forms for withdrawal.
The ED said Das stated that his first statement given to the agency on November 3 last year in which he cited Baghel's name was "true and correct".
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
Read this and rest assured you can be on your own against venture capitalists and angel investors
The world needs to wake up to this new dimension of war at sea and be prepared to face the 'unknown enemy' who have the advantage of attacking at their choice of location and time, cautions Commodore Venugopal Menon (retd).
It is not advisable to touch retirement corpus if property is being purchased for investment.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
Tata Trusts is one of India's oldest, non-sectarian philanthropic organisations involved in areas of community development.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
The fund generated a lot of interest immediately after Prime Minister Narendra Modi announced its formation of the fund in the last week of March after the COVID-19 outbreak and appealed for donations, prompting several private firms, government bodies and individuals, including celebrities, to donate money.
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
Holding that trainees are not employees, the Supreme Court has ruled that they are not entitled to provident fund.\n\n
7 million jobs will be created in formal sector in FY18
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