The organised sector workers covered under private PF trusts, which manage their employees' retirement fund themselves, will be able to transfer their PF accounts online from July this year.
Switching to the UPS could be a game-changer for your retirement planning, especially if you value guaranteed benefits and higher government contributions, observes Ramalingam Kalirajan.
Some cases are pending for two years.
The Employees Provident Fund Organisation will be seeking approval from its apex decision-making body, the Central Board of Trustees, to implement a finance ministry order to invest up to 15 percent of the fund in equity. The new pattern that was notified last year comes into force from April 2010.
In a bid to expedite the processing of initial public offerings (IPOs), the markets regulator will now seek additional information from lead managers (LMs) when they file draft documents. Last week, the Securities and Exchange Board of India (Sebi) sent a letter to bankers, listing over two dozens of new disclosure requirements. The average time Sebi takes to clear the draft red herring prospectus (DRHP) - a document companies must file before accessing public funds - has dropped to less than three months in 2024 (until May 31).
With shrinking employment opportunities in the state sector, the government on Thursday approved a Rs 1,800 crore (Rs 18 billion) scheme for incentivising private sector to employ 1,00,000 disabled people a year.
'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
Cases of front-running mostly happen when large asset managers and intermediaries are involved in bulk trades as their transaction size is generally big enough to impact the stock price.
Syed Abdul Mueed is the third son of the Hizb chief to have been sacked from the government job.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
Leaders of major central trade unions on Wednesday made a strong demand before Prime Minister Manmohan Singh for restoring the interest rate on Employees Provident Fund to 12 per cent
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
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.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
It is important to have the necessary documents on hand to verify the information in the form.
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
Subscribers of retirement fund manager EPFO, settling their final claims before the new rate is announced for the current fiscal, will get the existing 9.5 per cent interest on their deposits.
SoftBank-backed mobility firm Ola, announced expansion of its employee stock options (ESOP) pool to Rs 3000 crore. Ola is also allocating an additional Rs 400 crore worth of stocks to employees in the run up to its IPO. The allocation rewards Ola's high impact employees and will lead to long term wealth creation for them.
Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday.
Suresh said the ministry had received several representations from the EPF pensioners Association, pointing to the meagre pension amount, which in some cases was about Rs 50 to Rs 300.
We the people are left in the wind, waiting on the whims of an unengaged president and an oligarch with a nearly bottomless wallet, observes Sree Sreenivasan.
Trade unions on Wednesday opposed divestment in public sector undertakings and hike in foreign direct investment in telecom, insurance and aviation sectors
Six states out of 22 major states and Union Territories (UTs) generated fewer formal jobs for the youth in the September quarter than they did in the corresponding quarter a year ago, a Business Standard analysis of the data released by the Employees Provident Fund Organisation (EPFO) shows. States like Punjab (-12.4 per cent), Himachal Pradesh (-10.3 per cent), Jharkhand (- 7.2 per cent), Assam (-3.7 per cent), Gujarat (-3.4 per cent) and Rajasthan (-.1.1 per cent) saw further decline in the number of net new subscribers in the second quarter (Q2) of FY23 compared to the last year. The analysis did not include northeastern states, except for Assam. This is crucial as the subscribers in the 18-28 age group are seen as first-timers in the labour market, thus reflecting the robustness of the job market.
The organisation can invest in bonds of private companies with dual 'AAA' rating, say new norms.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The Employees Provident Fund Organisation has started looking for options to park 3-5 per cent of its huge corpus of Rs 2.57 lakh crore (Rs 2.57 trillion) of retirement fund in stock markets to earn better returns.
Survey rejects EPFO as pension regulator
The Communist Party of India-Marxist on Wednesday said the inclusion of Anil Ambani-led Reliance Capital as one of the managers of Employees Provident Fund was an indication of the 'cost' the United Progressive Alliance paid for ensuring support for the government.
The suggestion comes within days of reports that LIC and the Employee Provident Fund Organisation snapped up the entire Rs 7,400-crore (Rs 74-billion) bond issue of the debt-ridden Air India.
The issue has a AAA rating from India Ratings, the domestic services of Fitch, reflecting the unconditional guarantee extended by the government.
A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
Provident fund body may get support to ensure interest rate comparable with other savings instruments.
It has initiated efforts to get full details only now.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
