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.
'Three manufacturing sectors can create jobs by the million: Apparel, food, and electronic assembly.' 'Let's talk to them and ask them what it would take to scale by a factor of ten,' suggests Naushad Forbes.
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.
Finance Ministry had earlier lowered interest rate to 8.7 per cent for 2015-16.
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on July 29 and 30, according to a source. At present, EPFO can investment 5 to 15 per cent of the investible deposits in equity or equity-related schemes.
EPFO's suggestion to hike interest on EPF is with Finance Ministry. What it means for you...
If you have seen Zwigato, Param Kumar's story will sound familiar. Laid off from his job as a repairman at a Gurugram-based water purifier provider, he now delivers groceries and food for a mobile-based delivery app, in Delhi. Kumar, who started making deliveries last August, told Business Standard that he is working longer hours than his older salaried job as an RO repairman, and has no paid leaves or health insurance. Kumar is part of India's estimated 7.7 million-strong force of gig workers.
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
Bain Capital-backed Tyger Capital is planning to list its shares on the Indian stock exchanges by the next financial year and is targeting to grow its assets under management by four times to Rs 20,000 crore in five years from Rs 5,000 crore now, Gaurav Gupta, MD and CEO of the firm said. In an exclusive interview, Gupta said that keeping with the growing business, the finance company expects to on-board 600 people in the current financial year as it is opening 60-65 new branches for broad-basing its network in the country.
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.
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.
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.
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.
US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi. The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over USD 150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.
Trade unions on Wednesday opposed divestment in public sector undertakings and hike in foreign direct investment in telecom, insurance and aviation sectors
The organisation can invest in bonds of private companies with dual 'AAA' rating, say new norms.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
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.
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.
Survey rejects EPFO as pension regulator
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.
How a chartered accountant won the battle against his company of interest on his PF dues
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.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
The FIC meeting will decide on whether to park a portion--to the tune of three to five per cent--of the fund's corpus of Rs 2.71-lakh crore, into the equities markets.
During the meeting with Finance Minister Nirmala Sitharaman, it was also suggested that employees' provident fund should increase its exposure in the stock market, which in turn would improve liquidity.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
In a bid to take forward labour reforms, the government on Thursday said units in the special economic zones will be exempted from making contributions to Employees Provident Fund and Employees State Insurance for five years.
No physical inspection of company records; compliance ops to be online
The Employees' Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion) deficit incurred last fiscal.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
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