The Employees Provident Fund board is likely to meet in the second week of April to discuss measures to fund the Rs 927 crore (Rs 9.27 billion) estimated shortfall due to 1.0 per cent hike in interest to 9.5 per cent for 2004-05.
Saddled with huge arrears from the PSUs and the private sector, the Employees Provident Fund Organisation on Tuesday launched an action plan, including the attachment of property and freezing of bank accounts.
The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
After a three-hour meeting of the Central Board of Trustees of the EPF, CITU general secretary Tapan Sen said that the meeting decided to continue with 8.5 per cent for 2007-08, ignoring the demands by trade unions to hike the interest rate to 9.5 per cent.
Nasdaq-listed Cognizant Technology Solutions has signed a definitive agreement to acquire global engineering company Belcan for about $1.3 billion (Rs 10,853.7 crore) in cash and stock. The transaction is expected to close in the September quarter. The total consideration includes $1.19 billion (Rs 9,935.31 crore) in cash and 1.47 million Cognizant shares, valued at $97 million (Rs 809.53 crore) based on the information technology services provider's closing share price on June 7, 2024.
The government is likely to take a 'favourable' decision on enhancing the interest rate on Employees Provident Fund and the ministries of labour and finance are holding discussions on how to mobilise resources for it, Lok Sabha was informed on Monday
The Left parties on Wednesday asked the government to reduce prices of LPG and diesel and restore 9.5 per cent interest rate on Employees Provident Fund.
Some members raised questions like that even government establishments were employing only contract labour.
The government wants to reduce the rate of contribution - part of the employee's share - for a class of workers depending upon age, income or gender, without changing the contribution from the employer's share.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
'A subscriber will know exactly how much of his money is in debt and how much in equity.'
Expressing displeasure over government's reluctance to restore the EPF interest rate to 9.5 per cent, the Left parties and Samajwadi Party, both UPA supporters, on Thursday staged a walkout in Lok Sabha with a warning that it should "see the writing
The EPF board will meet on Wednesday to take a firm view on the interest rate for its 4 crore (40 million) subscribers during 2005-06, even as trade unions are demanding Prime Minister's intervention to retain 9.5 per cent.
Detecting frauds worth about Rs 1 crore in claims settlement across the country, Employees Provident Fund Organisation on Wednesday decided to set up a fact finding team to investigate into the matter as part of efforts to prevent such misdemeanours.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
The Central Board of Trustees of the EPFO will meet on Friday to decide on the setting up of separate agencies for recovery of arrears and audit, and the rollover of interest of the IFCI.
In December 2020, as economists debated the shape the global economic recovery might take - Z, V, U, W or L - JP Morgan came up with the concept of the K-shaped curve. The investment bank used the shape of the letter K to illustrate the growing difference between large and small businesses in the United States. Since then, as the Covid-19 pandemic exacerbated the gap between the rich and poor, the term has gained a larger connotation to embody the characteristics of development across economies.
Union Labour Minister Sahib Singh Verma said on Tuesday that the Central Board of Trustees would be meeting on May 31 at New Delhi for reviewing the interest rate of employees provident fund.
A mistake here can prove costly.
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
The third crucial meeting of the EPF Board began in New Delhi to decide on the interest rate for its 3 crore subscribers for this year amidst some trade unions' demands for 12 per cent interest against 9.5 per cent offered during 2003-04.
The Central Board of Trustees on Wednesday deferred the decision on the interest rate for 3 crore (30 million) subscribers of the Employees Provident Fund.
The crucial meeting of Employees Provident Fund Organisation board began in New Delhi on Wednesday to decide whether to continue with the 9.5 per cent interest rate for its 3 crore (30 million) subscribers.
This was decided at a four-hour meeting of the Central Board of Trustees of EPF chaired by Labour Minister K Chandrashekhar Rao.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
The meeting of Central Board of Trustees is likely to be stormy on Thursday with both right and left wing trade unions making up plans to demand at least 9.5 per cent EPF rate
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
MFs continue to find it difficult to attract and retain long-term money from investors
'There is no question of diverting funds. This government is pro-poor, pro-worker and pro-progressive.'
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