Bowing to pressure from Left- backed trade unions, the Employees Provident Fund Board agreed on Monday to continue paying 8.5 per cent interest rate to its nearly 4 crore subscribers for fiscal 2006-07 as well.
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
In view of allegations by trade unions that Employees Provident Fund Organisation was "fraught with corruption", the Labour Minstry has convened a Parliamentary Consultative Committee meeting on December 14 to discuss the functioning of the EPFO.
Come March 2013, salaried employees will be able to switch jobs, without worrying about withdrawing or transferring their savings with the Employees Provident Fund Organisation (EPFO).
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
In 2006, FM made it mandatory for all private PF Trusts to seek exemption certificates.
Amidst a debate in the government over investment of employees' provident funds in the stock market, former RBI Governor Bimal Jalan cautioned that any such move will have to be backed by a government assurance for making up for losses, if any.
'They think quick fixes like internship in the private sector will help. 'In fact, internships have been going on for the last one decade.' 'In 2014-2015 itself, we had a ministry of skill development. None of the programmes have yielded results, still they are continuing with such schemes under some other name.' 'We don't see any seriousness on the part of the government to attack the problem of unemployment.'
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
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.
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.
Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
Six firms have qualified for managing EPFO funds.
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.
'When I called the HR department, they abused me.'
Udaan - India's largest business-to-business (B2B) e-commerce company - has laid off about 180 employees, or 4-5 per cent of its workforce of 4,000, in a move to drive cost efficiency, revealed sources. They said the layoffs have happened across various department functions. The layoffs have happened at a time when the Bengaluru-based firm is trying to turn into a publicly listed entity in 18-24 months.
Once the new rules kick in, you will have less cash-in-hand and may feel tempted to scale back on savings and investments.
The Employee Provident Fund (EPF) contribution should no longer be restricted to 12% of basic and dearness allowance, according to a recent circular.
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
Of the total proposed allocation, over Rs 1 lakh crore is meant for BSNL and MTNL-related expenses, including Rs 82,916 crore infusion in BSNL for technology upgradation and restructuring at BSNL.
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.
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.
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.
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.
The Delhi Police, in a first information report (FIR) filed under anti-terror law Unlawful Activities (Prevention) Act (UAPA) following allegations against news portal NewsClick, has alleged that a large amount of funds came from China in order to disrupt India's sovereignty and cause disaffection against the country.
"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 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.
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.
Notices have been issued to the company for penal damages.
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.
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.
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.
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?
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