Measures to promote ease of doing business, cut in tax rates for smaller enterprises to 25 per cent, and reduction in interest rates are creating the right atmosphere for new businesses to flourish, particularly SMEs.
The decision to suspend this benefit will hit 32 lakh pensioners.
Rather than one-year returns, look at benefits of long-term investment in equity.
As per the recommendations of the 2nd National Commission on Labour, the ministry is codifying existing 44 central labour laws into four codes by simplifying, amalgamating and rationalising the relevant provisions of the legislations.
Thanks to Nagpal's effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate.
The finance ministry wants the Employees' Provident Fund Organisation to bypass the central board of trustees when deciding how to invest a portion of the Rs 5-lakh crore (Rs 5 trillion) provident fund corpus in the capital market.
'How is the scheme running despite running such massive deficits?' 'This is because the number of new members are much more than earlier members who are drawing pension.' 'If this was done by a private organisation, it would have been called a Ponzi scheme in which the contribution by new members is being used to pay off old members,' says Harsh Roongta.
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.
While looking to give a boost to the mutual fund sector with some contribution from about Rs 5.5 lakh crore (Rs 5.5 trillion) corpus being managed by Employee Provident Fund Organisation, Sebi feels that age restrictions would safeguard investors from 'unnecessary risks' during years closer to their retirement.
Amid possibility of a 0.5 per cent cut in the interest rate for the current fiscal, the Employees Provident Fund Board will meet in New Delhi on January 27 to finalise the EPF rate, which is 8.5 per cent at present.
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
The Central Board of Trustees of the EPFO will meet on Friday to decide on the setting up of separate agencies for recovery of arrears and audit, and the rollover of interest of the IFCI.
Notices have been issued to the company for penal damages.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Provident fund body may get support to ensure interest rate comparable with other savings instruments.
Employees of around 150 firms may lose out on PF benefits as their companies failed to get an exemption certificate from the Employees' Provident Fund Organisation (EPFO)
'EPFO's investments this financial year should be Rs 1 lakh crore'
If your account is idle for over five years, there could be issues with acquiring EPF details.
The CBT headed by Union labour minister would meet on September 4.
Around 61 million subscribers of the Employees Provident Fund Organisation (EPFO) are likely to get lower returns on their deposits this year.
How a chartered accountant won the battle against his company of interest on his PF dues
Often criticised for offering less attractive interest rates than banks for most of the last five years, retirement fund manager EPFO hiked the annual rate of returns on employee provident funds to 9.5 per cent in 2010 and this time around, the banks were left behind.
The Union finance ministry is believed to have agreed to modify its notification for exempting from tax the entire 9.5 per cent interest on provident fund deposits for 2010-11, and will soon announce the good news for EPFO's 6 crore (60 million) depositors.
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.
Having dipped into its reserves for paying 9.5 per cent interest for four crore subscribers in 2004-05, the EPF trustees would meet in New Delhi on July 30 to arrive at returns to be offered this fiscal.
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 the Employees Provident Fund on Tuesday unanimously decided to defer a decision on the rate of interest on EPF till July 20.
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
The government has deferred the decision on fixing the Employees' Provident Fund (EPF) rate of interest for the current fiscal till the next meeting of the Employees' Provident Fund Organisation.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
The Employees Provident Fund board is likely to meet in the second week of April to discuss measures to fund the Rs 927 crore (Rs 9.27 billion) estimated shortfall due to 1.0 per cent hike in interest to 9.5 per cent for 2004-05.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
With uncertainty prevailing over the rates of Employees Provident Fund, CPI(M)-backed trade union, Centre for Indian Trade Unions, said on Friday that it would oppose any move to keep differential interest rates
With the finance ministry refusing to hike rates of Special Deposit Schemes and allow it to park funds in high interest bearing postal deposits, the Employees Provident Fund Organisation is toying with the idea of trading in government securities as
Despite the equity booster, many would be uncomfortable about NPS.
While govt has decided to maintain status quo, don't use the money for house, marriage or education
