Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
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 value of unclaimed securities and other assets was nearly Rs 20,000 crore in March 2020.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
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.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
West Bengal Chief Minister Mamata Banerjee on Friday wrote to Prime Minister Narendra Modi, saying that her state would sever all ties with the Damodar Valley Corporation (DVC) for 'unilaterally releasing water', which led to floods in south Bengal districts.
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.
Retirement fund body EPFO is planning to settle all claims like transfer and withdrawal of provident fund within three days, a move that will benefit over one crore such claimants every year.
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
The Finance Audit and Investment committee recommended 8.95% interest.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Some of India's largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. In comparison, the total workforce numbers are up 36 per cent in the same period.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
The airline had been delaying the salaries of its pilots, engineers and senior staff since August who have not been paid since January.
The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund was established in March last year with the primary objective to deal with any kind of emergency situation like the one currently posed by the COVID-19 outbreak and provide relief to those affected.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
In the latest draft of the Code on Social Security Bill, 2019, the government has decided to stick to the current thresholds for providing social security benefits to workers by industry.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
'Each state and central government body may be asked to update its system to ensure PAN is used as a common identification to access its services.'
At least two Karnataka State Road Transport Corporation buses and one of Bengaluru Metropolitan Transport Corporation have been set on fire, they said.
Edtech major Byju's is growing slowly but sustainably and is close to achieving profitability at the group level, the company's CEO Byju Raveendran said on Thursday. The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future. According to sources, who attended the town hall, Raveendran said that issues with $1.2 billion Term Loan B lenders are being resolved through discussion and hopeful of a positive outcome in the next few weeks without the court's intervention.
Taking the first step towards launch of online PF transfer claim facilities, retirement fund body EPFO has unveiled the revised transfer claim form for the purpose.
Ask your HR department for details about the fund, trustees and returns
Around 20 lakh pensioners to benefit from govt new pension scheme.
While the country's unemployment rate is falling, the quality of employment seems to have taken a hit. The pace of formalisation slowed in the five months of the current financial year (April-August) with more than half a million fewer formal jobs created in the period compared to the same period last year, according to data from the Employees' Provident Fund Organisation (EPFO). The payroll data showed that cumulatively 4.92 million new subscribers joined the social security organisation between April-August this year, compared to 5.51 million subscribers in the same period in the previous year, reflecting a 10.7 per cent decline in the number of new payrolls created.
Retirement fund body EPFO on Monday is likely to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.
The EPFO, which has 50 million subscribers, provides annual interest of 8.75 per cent on provident fund deposits.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
With a strong plan in mind, Public Provident Fund can become an important and strong part of your investment, says Naval Goel.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
Evaluate recurring investment products and do the numbers before making any investments.
Have the markets already played out their dynamics before the economy has even properly taken off? Are we now destined for a period of mediocre returns despite a strong economy? asks Akash Prakash.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
Trade unions' had demanded 8.9 per cent interest rate.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
The sanction of Rs 8 lakh from Maharashtra Chief Minister's Relief Fund for a dance troupe's visit to Thailand has sparked a row with the opposition questioning the BJP-led government's "priorities" at a time when the state is reeling under severe drought.
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