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.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
A mistake here can prove costly.
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.
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.
This was decided at a four-hour meeting of the Central Board of Trustees of EPF chaired by Labour Minister K Chandrashekhar Rao.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
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
While some trade union leaders have welcomed the move, industry has opposed it, fearing an increase in its wage bill
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 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.
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.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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.
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.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
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.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
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.
You do get your money's worth simply watching these girls do what they are best at: Entertainment, feels Divya Nair.
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.
Apprentices get at an average of Rs 10,000 to Rs 12,000 per month which can double after one year of on-the-job training.
The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now.
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