Here's what you MUST know to check your Employees' Provident Fund balance and status online.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
If you redeem your investments when prices have fallen sharply, you will be selling at low prices and may make a permanent loss. On the other hand, if you remain patient and remain invested, you give your investment the time to recover, says Dwaipayan Bose
The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday. In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.
EPFO is also contemplating providing permanent or universal account number to it all active members by October this year.
Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023.
The finance and investment committee of the EPFO, which met this morning, unanimously rejected the proposal for parking up to 15 per cent of its funds totalling around Rs 1,82,000 crore (Rs 1,820 billion) into shares of listed companies as also equity linked schemes of mutual funds. The committee, sources said, was opposed to the proposal of the finance ministry in view of the volatility witnessed in the stock markets in the recent past.
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.
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
It helps in getting excellent monthly pensions
Indian carrier Vistara on Monday announced voluntary retirement scheme (VRS) and voluntary separation scheme (VSS) for its permanent ground staff ahead of its merger with Air India, which had announced similar plans for its non-flying permanent staff two weeks ago.
Thanks to Nagpal's effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate.
Companies with 10 employees may also come under EPF Act.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
EPFO manages a huge corpus of over Rs 6 lakh crore (Rs 6 trillion).
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
The government has asked the Employees Provident Fund Organisation (EPFO) to begin parking three to five per cent of its subscribers' retirement funds in stocks for better returns -- a move that would also increase flow of funds to capital markets by up to Rs 13,000 crore (Rs 130 billion).
Top on the government's agenda would be getting Parliament's approval to the budgetary proposals and presentation of the budget for the Union Territory of Jammu and Kashmir.
The Supreme Court on Friday upheld the validity of the Employees Pension (Amendment) Scheme of 2014 but quashed the threshold limit of Rs 15,000 monthly salary for joining the pension fund. The 2014 amendment had capped the maximum pensionable salary (basic pay plus dearness allowance) at Rs 15,000 per month. Prior to the amendment, the maximum pensionable salary was capped at Rs 6,500 a month.
Expatriates working in India and some Indians working abroad for an Indian employer are required to make mandatory contributions to the Indian government's statutory provident fund.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
Don't solely focus on tax-saving alone.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
Two simple steps can solve your problem
Recognising job creation for the youth as the foremost challenge for the economy, Finance Minister Nirmala Sitharaman on Tuesday announced a comprehensive Prime Minister's package to facilitate the employment and skilling of 41 million youth with a central outlay of Rs 2 trillion over the next five-year period. The package will consist of five schemes and initiatives - three focused on jobs and two on skilling.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
EPF subscribers whose accounts have not been credited with deducted money can complain to EPFO or labour ministry.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Trump further pointed out India's strong economic position and high tariffs on US goods, stating, "They got a lot of money. They're one of the highest taxing countries in the world in terms of us. We can hardly get in there because their tariffs are so high."
The ED had conducted searches against the legislator, Sai Aaina Farms Pvt Ltd (now Mahira Infratech Pvt Ltd), other companies of the Mahira Group and some others in July last year.
Equity markets offer hugely better returns but since the risks are also real, a 'life-cycle' investment strategy offers a happy solution.\n\n
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
Buying and selling of exchange trade fund (ETF) units worth less than Rs 25 crore will now have to take place compulsorily on the stock exchange platform, according to a new rule which comes into effect on Tuesday. The fresh norm, which comes into being after two deferments, is aimed at boosting liquidity and reducing tracking error. At present, investors directly deal with the asset management companies (AMCs) for purchase and redemption of ETFs - passive schemes that track a particular benchmark such as the Nifty50 index.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
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