The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
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.
In India, younger workers willing to work at lower salaries are easily available, so you could find yourself out of a job before 60. Therefore, save for retirement with urgency, advises Sanjay Kumar Singh.
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.
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.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
A mistake here can prove costly.
This was decided at a four-hour meeting of the Central Board of Trustees of EPF chaired by Labour Minister K Chandrashekhar Rao.
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
The Tamil Nadu government is set to unveil a housing initiative for 18,720 women employed by Taiwanese tech giant Foxconn, a key supplier to iPhone-maker Apple, this Saturday. The project, located at Vallam Vadagal near Chennai, marks the first time an Indian state government has constructed a hostel of this scale for a private firm - a model that's been successful in China and Vietnam.
The finance ministry on Friday ratified the interest rate of 9.5 per cent for about 4 crore subscribers of Employees Provident Fund for 2002-03 and 2003-04.
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.'
The Central Board of Trustees of Employees Provident Fund Organisation is likely to cut the EPF interest by one per cent from the present 9.5 per cent when it meets on May 31.
Faced with an additional burden of an estimated Rs 927 crore (Rs 9.27 billion) due to hiked interest rates, the Employees Provident Fund board will meet on March 20 to decide on whether it should approach the Finance Ministry for help.
In what could bring down home loan rates, the Employees Provident Fund board is toying with the idea of investing in mortgage-backed securities as part of its multi-pronged strategy to raise returns on its assets.
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
The government has agreed to restore the employee provident fund interest rate to 9.5 per cent from the present interim 8.5 per cent for this fiscal before the next Budget, Communist Party of India MP Gurudas Dasgupta claimed on Thursday.
The Centre might consider the Left parties' demand for increasing the Employee Provident Fund rate to 9.5 per cent from the present 8.5 per cent and a decision on the issue is expected after Prime Minister Manmohan Singh returns from The Hague.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The EPFO Board will for the third time meet in New Delhi on Tuesday to decide on the interest to be offered to its three crore subscribers this year, even as trade unions' demand higher returns.
The Central Board of Trustees of the Employees Provident Fund on Tuesday unanimously decided to defer a decision on the rate of interest on EPF till July 20.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
