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.
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.
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.
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
EPFO has recently issued Universal PF Account Numbers for 4.17 crore contributing members.
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.
After complaints that the new law may impact employment of women, the government has framed a scheme to provide monetary incentive to companies, reports Somesh Jha.
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
On maturity, 40 per cent of the accumulated corpus can be withdrawn tax-free.
'It is important that employees are trained to acquire skills that would be needed in future, when the company sees disruption coming -- that is, much before the disruption occurs or the company plans to change the business model,' says Asish K Bhattacharyya.
During February 2019, the highest number of 236,000 jobs were created in the 22-25 years age group, followed by 209,000 in the 18-21 years age bracket.
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
The Swiss authorities have never considered tax evasion a reason for breaking banking secrecy on an account; what they have acknowledged now is that they will cooperate in cases of tax fraud, which has a tighter definition.
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
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.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Lenders of debt-ridden Jet Airways on Tuesday filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against implementation of the resolution plan by the Jalan-Kalrock consortium, according to sources. The sources said the lenders have maintained that the condition precedent mentioned in the resolution plan of the consortium has not been met. And therefore, the plan is not valid. "The lenders want the plan to be circled back to the committee of creditors (CoC) for fresh consideration," the sources said.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
At present, the EPF subscribers are exempted from paying income tax on deposits.
Suppose you had bought a television set that came with a one-year warranty. It breaks down two years after purchase. You can't react emotionally and say that such an expensive set should last for at least five-six years.
A European cargo airline has moved the National Company Law Tribunal seeking expeditious acquisition of three Jet Airways B777-300 aircraft. The application is by a Malta-based Ace Aviation VIII Limited, which emerged as a successful bidder in the auction of three Boeing 777-300ER aircraft. The firm is part of a Belgium-based cargo airline and its application will be heard on Wednesday.
The Corporate affairs ministry has notified that henceforth political parties will not be eligible for CSR funding.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
Tomar had discussed the two proposals with trade unions on June 24 and assured that the government will take at least two weeks to take a decision.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
But increase in the statutory contribution will boost retirement corpus
Labour Ministry has notified new investment pattern for EPFO.
In the jobs created in 2022, the share of those in the age group 18-25 increased to at least a five-year high of 56 per cent. A Business Standard analysis of the monthly Employees' Provident Fund Organisation (EPFO) payroll data shows in 2018 the share of youths among the new EPFO subscribers was 50.9 per cent. The National Statistical Office is releasing the monthly EPFO payroll data since April 2018 as part of the government's effort to track formal-sector employment by using payrolls as an instrument.
An employee should always keep his bank account active inorder to claim PPF after he joins a new office.
Opposing the Centre's stand that the PM CARES Fund was not a government fund, a lawyer told the Delhi High Court Wednesday that there was no factor to show that the fund was private in nature.
The rate of interest will be effective from April 1, 2015.
Wealth management seems to have moved from family office solutions to CXO office solutions.
Retirement fund body EPFO will cut exposure in corporate bonds and park more funds in the secure government securities.
The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
US media reports that Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, could be the latest technology giant to downsize its workforce have triggered trepidation among its 300-400 employees in India, according to people familiar with the matter. "We have not heard much about the impact (of downsizing) on India. "It's a wait-and-watch situation. Certainly, there is uncertainty," said a source.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
