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.
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Use a combination of the two options without which sufficient corpus can't be assured.
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 Finance Ministry has been pitching for EPFO funds to be invested in the equity markets to maximise their yields.
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.
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.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
The federal agency had arrested 46-year-old Kavitha, the daughter of former Telangana chief minister K Chandrashekar Rao, from her Banjara hills residence in Hyderabad on March 15.
Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence.
The proposal had attracted strong criticism from the salaried class.
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.
In May, EPFO received deposits of Rs 6,500 crores (Rs 65 billion) which, is 200 crores more than what was received in April this year.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
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.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
In view of the proposed one per cent slash in interest rate on special deposit scheme from April, the Central Board of Trustees of Employees Provident Fund Organisation will meet on Friday to decide on the rate of interest on EPF for 2003-04.\n\n\n\n
AUM had touched a record level of Rs 9.58 lakh crore in August last year.
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.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
Around 67.59 jobs were generated in the entire 2018-19 fiscal, the payroll data based on members joining the schemes of the EPFO showed.
Generally, most Indians are under-prepared for their post-retirement life. Many middle class private sector employees end up consuming their PF accumulations for variety of other reasons like marriage of their children, medical treatment or purchase of house, etc., says Anil Chopra- Group CEO & Director- Bajaj Capital
Some unions have opposed EPFO investing in share markets.
The meeting has been called as the Finance Minister P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the Employees' Provident Fund Organisation.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday said it has received a show cause notice from Indian capital market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
Ramalingam Kalirajan explains the pros and cons of both investment types.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
It is not advisable to touch retirement corpus if property is being purchased for investment.
It's such a well-kept secret that even well-heeled financial planners aren't aware of it, says Harsh Roongta.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
With substantial number of employees having been with Jet Airways for around 20 years, getting another job is also not easy considering the age factor and the job market situation.
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