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.
Sebi on Wednesday approved measures to strengthen the framework for Alternative Investment Funds (AIFs), including having an independent valuation of their investments and introducing a comprehensive certification requirement for key investment teams of AIF managers. To improve governance and transparency to investors with respect to transactions involving conflict of interest, the regulator also approved that there should be a mandate for obtaining approval of 75 per cent of investors by value for buying or selling of investments potentially involving conflict of interest. The proposals pertaining to valuation of investments, dematerialisation of units, certification requirement for key employees of investment manager, transactions with associates and option to sell unliquidated investments to a new scheme of AIFs were approved by the Sebi's board on Wednesday.
The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have intensified their investigations against Gaurav Mehta, a suspect in a Bitcoin Ponzi scam, following allegations that politicians may have been involved in using cryptocurrency to influence Maharashtra assembly polls. The ED searched Mehta's residence in Raipur and seized computers and digital devices. The CBI summoned him to appear before investigators. The ED is probing Mehta's potential links to politicians, politically exposed persons, and bureaucrats as part of its money laundering probe. The allegations came after BJP released purported voice notes suggesting that Congress and NCP leaders were attempting to use cryptocurrency for election campaigning. Both parties denied the claims, calling the voice notes fake.
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.
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.
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.
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.
Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
No physical inspection of company records; compliance ops to be online
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
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.
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.
The interest offered by the Employees' Provident Fund Organisation (EPFO) is likely to rise this year, say sources in EPFO. Currently, the interest rate stands at 8.25 per cent.
The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) today decided to retain the previous year's interest rate of 8.5 per cent for the current fiscal.
Industrial Finance Corporation of India on Thursday said it has offered 9 per cent interest to the Employees Provident Fund Organisation and other retirement funds though it was much higher than the present market rate.
FM's proposal came under immediate attack from various employees unions
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
The online application of such claims would enable EPFO to eventually settle those within three days.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
The Employees' Provident Fund Organisation (EPFO) is crunching its numbers under pressure for sustaining a 9.5 per cent interest rate in the current financial year.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
Power of compounding clubbed with a matching contribution from your employer every month can do wonders 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.
In an effort to instill the spirit of a service provider among the rank and file of the Employees Provident Fund Organisation, a new business model for its human resources is being examined under a re-engineering exercise.
Rahul Gandhi said Modi should instil confidence in the employees and voters by withdrawing the proposal.
Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
Trustees of the employees provident fund, which has a corpus of about Rs 1,30,000 crore (Rs 1300 billion), has decided against investing a portion of its assets in mutual funds and stock markets.
Gross enrolments of new subscribers with the ESIC were 1.49 crore during 2018-19.
The facility for viewing PF accounts online was launched here by Labour Minister Sis Ram Ola in the presence of Minister of State for Labour and Employment Kodikunnil Suresh and EPFO's Central Provident Fund Commissioner K K Jalan.
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.
For Indian equities, this will a good stabilising hedge against the speculative investor breed, which is largely dominant in Indian equity markets.
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