The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
Once the new rules kick in, you will have less cash-in-hand and may feel tempted to scale back on savings and investments.
In a bid to earn higher return for its 40 million subscribers, the country's biggest provident fund EPFO is exploring the possibility of investing a small portion of its assets in equities.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
The National Social Security Number will be issued to the 4 crore (40 million) members covered by the scheme on the lines of the Permanent Account Number (PAN) given by the income tax department.
Six firms have qualified for managing EPFO funds.
The Employee Provident Fund (EPF) contribution should no longer be restricted to 12% of basic and dearness allowance, according to a recent circular.
The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
Replying to a Calling Attention Motion, labour minister Oscar Fernandes, however, said there will be no amendment to the Employees' Pension Scheme 1995 in the wake of Sixth Central Pay Commission as the two issues are not related. He said two committees, including one headed by a special secretary, have been set up to review the EPF scheme and ensure that it brings better benefits to the employees.
On the cusp of launching its Rs 11,327 crore initial public offering (IPO) next week, food and grocery delivery major Swiggy believes quick commerce to be its future growth engine and anticipates that it will outpace its core food delivery business over the next five years. Currently, the quick commerce business of Swiggy - backed by Prosus and SoftBank - is 40 per cent of the size of its food delivery revenues.
The 48-odd million employees covered by the Employees Provident Fund Organisation (EPFO) may be touched that the finance ministry is actually considering a proposal to extend the organisation a fiscal helping hand to offer a rate of interest comparable with other savings instruments.
Last month, the Employees' Provident Fund Organisation had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11, evoking sharp criticism within and outside Parliament.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
The Central Bureau of Investigation (CBI) on Tuesday conducted raids on the premises of noted builders Hiranandani brothers, who have been accused of "evasion" of employees provident fund.The raids have been conducted at eight places belonging to Hiranandani brothers in the city.
On a cloudy Monday this month, Mohammed Irshad flew from Kochi to Gurugram to attend an exclusive investor networking event. Among a handful of founders selected for the event, Irshad was to pitch his peer-to-peer learning start-up Notespaedia for funding in front of top venture capital investors such as AngelBay, Elevation Capital, and Inflection Point Ventures. He failed to woo them, but the feisty entrepreneur was determined to continue his hunt.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately and the remaining 0.35 per cent capital gains from the equity sale would be given later, subject to its redemption.
It is important to have the necessary documents on hand to verify the information in the form.
Notices have been issued to the company for penal damages.
The Union Labour Minister Sahib Singh Verma said on Friday that he would soon make public the names and other details of the major provident fund defaulters.
The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
Employees covered under private PF trusts, which manage retirement fund of their workers themselves, will be able to transfer their PF accounts online from next month.
Richardson and Cruddas Limited, Khatau Makani Spinning and Weaving Mill, and Mafatlal Industries were among the 10 top defaulting establishments in Maharashtra who had failed to pay up their contribution to the Employees Provident Fund Scheme.
The government has approved incentive schemes for creating 1,00,000 employment opportunities a year for the physically challenged persons in the private sector, the Lok Sabha was informed on Thursday.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
As long as a provident fund continues to be exempt from tax at all stages, it is the best option to build a retirement corpus.
In the face of mounting pressure from trade unions, the Employees Provident Fund rates may remain untouched at 9.5 per cent this year though a sub-committee of the EPF Board is believed to have recommended slashing it to eight per cent.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
Today, money is pouring into government saving schemes on the premise that the return is being guaranteed by the Government of India. But is the chance of default really zero?
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
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