The Union finance ministry has rejected a proposal sent by the labour ministry to double the monthly minimum pension amount to Rs 2,000 under the Employee Pension Scheme (EPS). The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal's rejection during a meeting on Saturday. "According to the recommendations made by a highly-empowered monitoring committee constituted by the government, a proposal to increase the minimum pension under EPS from Rs 1,000 to Rs 2,000 per month, by providing additional budgetary support, was sent to the ministry of finance.
Building your Retirement Nidhi is your Karmayoga, ensuring a Golden Yug where you can truly enjoy the fruits of your labour, says Vatsal Ramaiya as he explains how Rs 15,000 per month can help build a Rs 7 crore corpus.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
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.
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.
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers. Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
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.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Two simple steps can solve your problem
Singh said that about 150 people including women and forest, revenue and other officials were present at the time of the incident, and if the officials were assaulted, "why are there no eyewitnesses".
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.
EPF subscribers whose accounts have not been credited with deducted money can complain to EPFO or labour ministry.
Equity markets offer hugely better returns but since the risks are also real, a 'life-cycle' investment strategy offers a happy solution.\n\n
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.
.jpg)
Fund managers will be given more flexibility to invest in corporate bonds.
EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present.
Holding that trainees are not employees, the Supreme Court has ruled that they are not entitled to provident fund.\n\n
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.
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.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
.jpg)
EPFO had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.
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.
EPFO has verified or attested 64.67 lakh Aadhaar numbers.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
The move can help mop up about Rs 1.2 lakh every day for the purpose.
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.
The Employees Provident Fund Board on Saturday recommended a 9.5 per cent interest rate for its around four crore (40 million) subscribers for 2004-05.
The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
The CBT headed by Union labour minister would meet on September 4.
A sub-committee of the country's biggest provident fund, EPFO, is believed to have recommended slashing of interest rates to 8% for its 3 crore subscribers, even as some trade unions pitched for hiking the rate to 12%.
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
