Every month your salary slip features a deduction towards your Provident Fund (also known as Employees Provident Fund or EPF in short). How often have you wondered if such a contribution is actually beneficial to you and if it is actually needed? What if you quit or switch over jobs? Here's explaining the benefits EPF carries and why one should pay attention to this contribution.
Did you know that your EPF contribution also goes towards insuring you, giving you and your spouse a pension apart from giving you a lump sum amount after retirement?
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
The Indian government has ratified an 8.25 per cent interest rate on Employees' Provident Fund (EPF) deposits for the financial year 2025-26, with over seven crore contributing members expected to see this credited to their accounts this month.
The Employees' Provident Fund Organisation (EPFO) will soon allow subscribers to withdraw their EPF and transfer it directly to their bank accounts through the UPI payment gateway. Testing of the facility has been completed, according to Labour Minister Mansukh Mandaviya.
EPF has traditionally been the only tool for Indians, especially the salaried class, to save for their retirement corpus.
The Employees' Provident Fund Organisation (EPFO) is set to introduce UPI-linked withdrawals by the end of May, as it finalises testing for its Centralised IT Enabled System (CITES) 2.0 overhaul, aiming to streamline PF balance transfers and withdrawals.
A DRDO employee in New Delhi was defrauded of over Rs 15 lakh in a sophisticated online investment scam involving fake work-from-home tasks and promises of high returns. Police have arrested three individuals from Haryana and Rajasthan who played different roles in facilitating the movement of the illicit funds, with further investigation ongoing.
The proposed facility seeks to simplify and speed up PF withdrawals by allowing Employees' Provident Fund Organisation (EPFO) subscribers to access up to 75 per cent of their balance through ATMs and UPI-based systems, while retaining at least 25 per cent in their accounts.
The Employees' Provident Fund Organisation (EPFO) has decided to maintain the interest rate on employees' provident fund (EPF) deposits at 8.25 per cent for the fiscal year 2025-26, marking the second consecutive year at this rate.
A Nashik court has remanded Nida Khan, an employee of Tata Consultancy Services (TCS), in police custody until May 11 in connection with a sexual harassment and religious coercion case. The police are investigating allegations of forced religious conversion and potential links to other conversion rackets.
'SIT means nothing because the BJP government of Uttar Pradesh and Ram Janmabhoomi Trust are the same people.'
The Employees' Provident Fund Organisation's (EPFO) apex decision-making body, Central Board of Trustees, decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said.
The AITUC has suggested utilisation of the entire corpus for creation of the infrastructure development fund. Do you agree?
Police in Gonda, Uttar Pradesh, have registered a case against 69 former and serving officers and employees of an Indian Bank branch for allegedly embezzling nearly Rs 5 crore from a union account. The case was filed following a court order after the accused failed to return the embezzled funds despite an earlier undertaking.
The over 3.2 crore subscribers to the provident fund may get a lower 9 per cent interest from April instead of the prevailing rate of 9.5 per cent.
'Healthcare costs in India rise by 10 to 14% annually, causing treatment costs to double roughly every 5-7 years.'
Kerala, Tamil Nadu and West Bengal have been fiscally stressed for a considerable period of time, and there are no easy ways to mobilise revenues to meet the cost of the promised freebies, particularly in the prevailing difficult economic scenario, points out M Govinda Rao.
Ayodhya Police have taken Ram Shankar Yadav into custody following an FIR alleging embezzlement of donations at the Ram Janmabhoomi Temple. The complaint, lodged by a member of the Shri Ram Janmabhoomi Teerth Kshetra Trust, names nine individuals and others for systematic theft and misappropriation of funds. A Special Investigation Team (SIT) was formed, and its preliminary findings led to the FIR. Chief Minister Yogi Adityanath has vowed a 'zero-tolerance' policy and urged evidence submission to the SIT.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Bihar education department has requested madrasas, Sanskrit, and other government-aided minority schools to provide details regarding the number of students, teachers, and non-teaching staff to ensure proper utilisation of government aid.
Investments under the framework would remain voluntary for employees.
The Jammu and Kashmir government has terminated the services of two employees for their alleged links with terror outfits, including Lashkar-e-Taiba and Hizbul Mujahideen.
Union Home Minister Amit Shah pledged the BJP will recover funds allegedly stolen by the TMC in Bengal and promised development schemes for North Bengal, while attacking Mamata Banerjee's governance.
The Indian government has notified final rules under four labour codes, potentially enabling a four-day workweek in certain sectors by capping weekly working hours at 48 while allowing daily flexibility. This move also introduces significant changes to wage fixation, compliance obligations, and social security norms.
Micro, small and medium enterprises (MSMEs) have expressed significant concerns regarding the labour ministry's recent clarifications on labour codes, citing ambiguity in wage calculation and implementation, which they argue creates interpretational and operational challenges for employers.
A parliamentary panel has recommended an urgent review of the Rs 1,000 minimum monthly pension under the Employees' Pension Scheme, 1995, to raise it to a more realistic and dignified level, considering the rising cost of living and the financial hardships faced by pensioners.
The Employees' Provident Fund Organisation (EPFO) on Friday decided to give 8.5 per cent interest on provident fund deposits of 4.5 crore (45 million) subscribers.
Intellius Recode Ltd has filed preliminary papers with SEBI for an IPO comprising a fresh issue of equity shares and an offer for sale by existing shareholders. The funds will be used to develop digital workers and for general corporate purposes.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
The case was registered on the complaint of Pratap Singh, Regional Provident Fund Commissioner, EPFO.
'They (government) are trying to create market for pension products'.
Haryana Police busted a fake international call centre in Panchkula, arresting 21 individuals for defrauding US citizens by posing as employees of a leading e-commerce company.
rediffGURU Nayagam PP, career counsellor and founder of EduJob360 explains why cracking the UPSC exam is a dream for lakhs of young Indians.
Delhi University has directed St Stephen's College to halt the absorption of former principal John Varghese into the English department, citing violations of UGC regulations and procedural errors.
By transferring your PF account and eschewing withdrawals every time you shift jobs, you can add more to your retirement funds
There has been demand to hike the PF interest rate to 8.90 per cent.
Rising stressed debt and past exposures like Reliance Capital, Yes Bank push EPFO to frame exit rules for its portfolio.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
