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 rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
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 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.
The outbreak and lockdown have thrown up a number of challenges, such as layoffs, pay cuts and a general slowdown. Many subscribers after their unsuccessful attempts to use the scheme have taken to social media to voice their complaints, as the EPFO website and grievance portal suffer outages and its customer helpline remains unreachable.
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 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.
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 Jammu and Kashmir administration on Wednesday sacked police constable Tawseef Ahmed Mir, who has been accused of actively working for Hizbul Mujahideen and trying to kill two of his colleagues, and four more employees for alleged links with terror groups.
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.
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.
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.
Labour Minister Sahib Singh Verma on Tuesday expressed confidence that the 9.5 per cent EPF interest rate could be maintained next year, in spite of the falling interest rates.
Agreeing to a partial rollover of the interest rate, the Central Board of Trustees of the EPFO on Friday asked the IFCI to pay 10 per cent on bonds issued by it for the next 10 years, starting from this fiscal.
The crucial meeting of the Central Board of Trustees will be held in New Delhi on Saturday to decide on the interest rate on Employees Provident Fund
Labour Minister Sahib Singh Verma said on Monday that he will try to maintain the present interest rate of 9.5 per cent on Employees Provident Fund for 2003-04.
Under increasing pressure to cut interest rates on Employees Provident Fund, the labour ministry is expected to meet the Reserve Bank of India brass in a bid to retain the current rate of 9.5 per cent.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
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Use a combination of the two options without which sufficient corpus can't be assured.
The Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
Retirement fund body EPFO is all set to start online transfer of provident fund accounts in the first fortnight of October, a move that will benefit over 13 lakh applicants every year.
The city police commissioner has promulgated prohibitory orders under Section 144 of Code of Criminal Procedure in the limits of Bengaluru city till the midnight of April 22.
Private firms will have to maintain a minimum net addition to their workforce each month from October this year to June 2021 to get the Employees' Provident Fund subsidy for the new recruits.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
The proposal had attracted strong criticism from the salaried class.
The approval is in addition to the existing scheme for the wage months of March to May, 2020 approved on April 15, 2020. The total estimated expenditure is Rs 4,860 crore and over 72 lakh employees in 3.67 lakh establishments will be benefitted.
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