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.
Workers being laid off will be entitled to full wages of 45 days for every year of service.
The railways, the country's largest employer, will be hiring 127,000 people in 2018-2019, for which 23.7 million are competing.
Pawan Kumar, organising secretary of the Bharatiya Mazdoor Sangh (BMS) affiliated to the Rashtriya Swayamsevak Sangh (RSS), tells Aditi Phadnis it will join forces with other trade unions if necessary to oppose the Employees' Provident Fund Organisation (EPFO) provisions in the Union Budget.
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 will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
India can be rated as among the best performing economies in the world
Rejecting criticism of jobless growth, he said if state after state is creating good number of jobs, how can the Centre be creating joblessness?
Cos can apply for PAN card number online through e-Biz portal.
However, ration card, driving licence, voter identity card, Kisan passbook with photo, job card issued under MGNREGS and a certificate issued by a gazetted officer or a tehsildar will be admissible as proof of identity for people to get the benefits under the scheme till the time they get Aadhaar.
The EPFO has about 3.7 crore (37 million) members.
This will incentivise employers to recruit unemployed persons and also bring into books the informal employees.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
A look at the key decisions taken by the Narendra Modi government in its six months.
Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the BJP government had brought down inflation from 10% to 2.5%.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
Sinha said the data on economic growth put out by the Central government cannot be trusted.
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
Withdrawals from EPF and NPS to have same tax rates.
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
The government has not done its homework or made any attempt to forge a consensus on this matter that affects millions of people in the organised sector, says Harsh Roongta.
A glance back at some important events that occurred in 2018.
If people can lobby me for making changes in policies that goes against the country's interest, I won't keep myself in this position, says the vice chairman of NITI Aayog.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
Priya Nair tells you how you can use technology to invest better and maximise returns.
Here's how EPF stacks against other investment options
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Govt unveils reforms that cuts down time and bureaucracy.
'There is a law that prevents the government from diluting its equity in the PSBs below 50 per cent.' 'That law has to be amended and given the parliamentary arithmetic of the political parties, it is not as simple to do that.'
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
Elaborating on this theme, Petroleum Minister Dharmendra Pradhan pointed out that if the power sector had not been opened up through reforms initiated in 2003, India would still have been in darkness.
'The rule for millennials is: You can have a career for life.' 'You have to constantly adapt to the needs of the industry to stay relevant.' 'The jobs will be the same, but the skill sets required will be different.' 'Technology will dominate the nature of jobs available in the future.'
'Concerns about India's future are hampering private investment.' 'If the private sector sees strategy, teams and execution on these issues, this will inspire confidence in India.' 'This should be our main strategy for 2017,' says Ajay Shah.
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
A six-point comparison by Anil Chopra, Group CEO & Director, Bajaj Capital
'We need to take steps towards ease of doing business.'
'Workers and employers should be ready for a change demanded by the new dynamism of the economy'
Modi said these steps exemplified his government's approach of 'minimum government and maximum governance'.
Customs and excise duty rates have been amended mainly to promote Make in India.
Banks get bonds boost to raise funds for core sector; up to Rs 50 lakh of home loans in metros and Rs 40 lakh in other cities not to have CRR, SLR requirements
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