The finance ministry is awaiting a formal proposal from the Central Board of Trustees of the Employees Provident Fund for implementing the enhanced rate of interest of 9.5% for 2004-2005.
The PF office has admitted that such negative balances resulting from "overdrawal" of funds are "adjusted" while calculating the next year's PF rate.
Following strong opposition from unions in view of the volatile nature of stocks, EPFO has so far refrained from investing in stock market.
The actual annualised returns of financial instruments vary from the quoted rates due to different methods of calculations involved and taxation rules.
The Pune-based Jenas need to use their surplus in a planned manner to be able to achieve their goals.
EPFO has started taking legal action against employers who are not complying with its guidelines on the Universal Account Number (UAN) for employees
Much to the relief of employees, Labour minister, Sahib Sigh Verma ruled out a further cut in the interest rate on EPF presently at 9.5%.
Under the programme, the labour ministry is setting up a 'Shram Suvidha', and will unveil a new 'Labour Inspection Scheme' on Thursday .
Under the programme, the labour ministry is setting up a 'Shram Suvidha', and will unveil a new 'Labour Inspection Scheme' .
The codification of the labour laws will remove the multiplicity of definitions and authorities leading to ease of compliance.
"I want to know how to repay my loans at the earliest and amass funds for my financial goals.” — Sivakumar Iyer.
The twin behavioural devils of ignorance and procrastination push most people into their 30s before they get down to streamlining their finances.
The sops for workers include a new minimum wage, an assured minimum pension and higher salary ceilings for several employment benefits.
The government looks set to give in to the pressure from the Left to revise the interest rate on EPF.
Call centres, cellphone operators, medical transcriptions and a host of new generation services are set to be brought under the EPF net with the government proposing amendments to the EPF & MP Act 1952.
On the eve of the 46th Indian Labour Conference, PM Narendra Modi met leaders of trade unions and heard their views on economic policy,
Late last month, EPFO decision drew flak from trade unions, following which the body has now decided to put it on hold.
Manish Shastri will be able to achieve his goals if he ups his equity-exposure, secures all his risks & maintains discipline in investing.
While there is no good time to enter the stock market, it’s important to stay invested and add to positions regularly, instead of trying to time it.
More than 500 employees are working in some of the leading institutions that have already begun operations in GIFT domestic zone as well as in GIFT’s SEZ area.
It is time to be bold and take tough decisions to revive India’s growth, strengthen macroeconomic balance and stem the rupee’s slide.
The first step before investing is to analyse your own life. Then comes the financial goals, and then follows the type of investment.
PFRDA has been batting for EEE status for NPS. Under the current rules, the NPS corpus is taxable at the time of withdrawal.
After expressing strong optimism over clearing of as many as nine bills in the Winter Session, the Labour Ministry is now pinning hopes on passage of only three bills in the ongoing session of Parliament.
NPS investors usually invest in a mix of 2-3 different funds. ET Wealth identifies the best performing funds for four asset allocations.
Computing returns from insurance products are complicated. One can compute returns from endowment plans (or traditional plans) only after the time period comes to an end.
Sukanya Samriddhi Scheme currently gives the highest interest rate of 9.2 per cent to incentivise the people investing in the name of girl child.
If you are struggling to reclaim your dormant provident fund, WhiteInc is developing iOS & Android app to reclaim dormant PF through smartphone.
Each investment in this alternative instrument to buying physical gold is for an eight-year tenure, with a lock-in period of five years.
The Industrial Code Bill combines Industrial Disputes Act, 1947, Trade Unions Act, 1926, and the Industrial Employment (Standing Orders) Act, 1946.
The government has tightened the Insolvency and Bankruptcy Code (IBC) through an ordinance
After the approval of Finance Ministry, the rate of interest is notified and credited to the accounts of over five crore subscribers of the body.
Government should remove discriminatory tax treatment of the NPS and harmonise the tax treatment of all long-term savings schemes.
The PF office has been asked to ensure that employees are not penalised for its inability to settle accounts in a timely manner.
The government will have to assess the possible revenue loss before providing greater tax incentives to the National Pension System, Minister of State for Finance Jayant Sinha has said.
The UAN remains portable throughout the lifetime of an employee and they don't have to apply for PF transfer claims at changing jobs.
Months ahead of elections, EPFO has fast tracked a proposal to provide a minimum monthly pension of Rs1,000 to its subscribers.
Nothing in this world is certain except for death and taxes, a saying goes. However, you can soften the blow from the latter, completely legally.
As per a report submitted by the BSNL, as many as 3,469 casual labourers (including those having temporary status) were working in the company in 2014.
On the direct taxes front, the 80C limit can be increased to Rs 3 lakh from Rs 1.5 lakh; this will also help deepen the MF industry and capital markets.
The retirement fund body's has decided to suspended the minimum monthly pension scheme from this month, which will hit about 32 lakh pensioners.
The party’s three-day meeting of the national executive and national council, starting January 17, will focus on ‘mission good governance’.
Proposed change in norms may funnel Rs 6,000 crore annually into stocks, making PF body second-biggest domestic investor.
The Employees' Provident Fund Organisation (EPFO) is required to update PF accounts for a fiscal till September 30 after the end of that financial year.
As EPF is mandated for employees with monthly salaries up to Rs 6,500, large cos have given their better-paid employees a choice to join the NPS.
"The main proposal is to bring coverage to every establishment employing ten or more people, down from the 20 now," Bandaru Dattatreya said.
I want to know if any change is required in my mutual fund investment as well as insurance purchases, Waman Prabhu
Once markets are thus encouraged to respond to fundamentals rather than to foreigner whim, the positives of US recovery for India will filter through.
Calculating your tax liability correctly and using the tax breaks offered under Section 80C are few points to check during your tax-saving exercise.
Labour ministry has set itself strict deadlines to bring about legislative and procedural changes to decades-old labour laws, despite stiff opposition from trade unions.
Retirement fund body EPFO has settled 1.19 crore claims in the current fiscal year so far.
EPFO is likely to increase the maximum amount assured under its Employees' Deposit Linked Insurance Scheme to Rs 5.5 lakh.
As far as its members' interests are concerned, the EPFO should set its equity accounting house in order before the mess becomes any bigger.
The pensioners said that the proposed move was unjust and against the promises made to the crores of pensioners across the country.
You can claim deduction for principal repayments of house loan & up to two children's tuition fees paid for to an Indian institution.
EPFO's Kandivili (Mumbai) office in April settled only 18.45 per cent of the total pension claims within the prescribed 30-day period.
Also, over the next few weeks, 10 states — from Maharashtra and Tamil Nadu to UP and West Bengal — are expected to join a one-stop clearance platform.
We've seen several politicians respond directly to campaigns on the platform here in India and it is happening more and more around the world, says Jennifer Dulski.
Advisors say importance of the Rs 1-lakh exemption limit might be overdone. In reality, one doesn’t gain much under the clause.
Retirement fund body EPFO may give its subscribers an option to allot a higher proportion of PF money in equity
"My company provides me a health cover and an accident disability plan. Do I need to buy more insurance?” — Saikat Banerjee
Educomp has defaulted on provident fund remittance relating to about 15,000 employees, for the first six months of current financial year.
Under mounting pressure from the Finance Ministry to reduce the "unsustainable" 9.5 per cent interest on Empolyees Provident Fund (EPF), the Central Board of Trustees of EPF is likely to meet on May 31 to take a view on the rate to be paid for the current year. Petrol, diesel prices slashed by over Re 1 per litre RBI expects inflation rate to turn soft from Q2 GTL calls off Redington deal HOT! The Karishma Row The TV Biz CAS Files More
EPFO said it is in the process of collecting "Aadhaar" card details in respect of its Provident Fund and Family Pension members.
On Thursday, junior labour minister Vijay Goel told the Rajya Sabha, in reply to a question, that the government has no plan to cut the Employees Provident Fund (EPF) rate.
All India Trade Union Congress has sought Labour Minister's intervention in fixing rate for 2012-13 on provident fund of over 5 million subscribers.
"It is not that provident fund is conceptually a very bad thing. It is just that some people think there is a better way"
Offering the benefit is one thing and convincing employees is quite another. The NPS is a market-linked product which doesn’t guarantee returns.
"Government can disinvest by bits and pieces every month instead of leaving the big ticket divestment for the end of the year"
Retirement fund body EPFO settled 11.06 lakh claims like PF withdrawals in June, with 38 per cent being settled within three days.
Retirement fund body EPFO has asked field formations to immediately hold their meeting to discuss mandated issues and progress of new moves.
Move is aimed at ensuring social security for workers in old age. EPFO has proposed that employee be allowed to withdraw only 75% of overall kitty, instead of 100%.
Read about stories on what to expect from the upcoming budget and the impact the announcements Arun Jaitley's budget speech will have on your personal finances.
Union Labour Minister Bandaru Dattatreya said the hike is an 'interim one' and indicated that it could be further revised later.
One should not base the decision purely on tax incentives as NPS falls under the EET regime wherein the tax payment is deferred to a later date.
EPFO has settled 96.11% of the claims filed during April-July this year within the mandated 30 days period as per their citizen charter.
The unions have decided to oppose any proposal to retain the existing rate of 8.75% for the current fiscal along with a uniform bonus of Rs 200.
Some say the next 10 years will be a golden period for the Indian equity market.
The deadline for completing the formalities is August 25 after which action will be taken against those failing to comply with the order.
Centre had promised & approved several measures, including a minimum monthly pension of Rs 1K & higher salary ceilings for mandatory PF & health insurance benefits.
Tamil Nadu, including Puduchery, also has the maximum number of PF defaulter firms of 1,141 during this fiscal till June- Bandaru Dattatreya
The weakest sections of the workforce now earn more money with state governments hiking minimum wages.
The stalemate on returns to members of the employee provident fund continues. The Finance Ministry has fired a fresh missive to the Labour Ministry this month, again shooting down the Central Board of Trustees' proposal for a 9.5 per cent return on EPF.
The state government also declared its e-governance policy for the next five years which aims to create a separate 'IT Cadre'.
Your income is taxed under five broad heads. Various tax sops, be it for your salary perks or investments that you make, help reduce your tax outgo.
Retirement fund body EPFO has raised a demand of Rs 133.76 crore on G4S Secure Solutions, globally known security services provider, for its failure to deposit provident fund due to its employees.
A decision is expected by the end of this month, the PF department has asked all offices to gear up for deducting tax from all premature PF claims.
An employee is supposed to have a single UAN. Read on to find out what to do in case of multiple UANs and how to avoid it while changing jobs.
Not all investing stories have happy endings. But there is a way to make sure one bleeding asset class doesn't mar your entire investment basket.
It had also set a 7-year limitation period for initiating inquiries against firms evading PF dues.
EPFO paid lesser amount as interest on PF deposits of over five crore subscribers than its earnings between 2007-08 and 2010-11, CAG has said.
A Reserve Bank directive that seeks to protect banks from erosion of loan collaterals is threatening to worsen credit flow to slowdown-hit companies.
The party said that despite inspections, "many labour laws and social security schemes like EPF and ESI were not being implemented for large chunk of workers.
Khandelwal has not been very active on the insurance front. The only cover he has bought is a traditional plan that insures him for Rs 6 lakh.
PM is likely to launch the UAN members' portal, which would facilitate over 4 crore EPFO members' to access their accounts online in real time basis.
Here's how you can save on tax without locking away your money in long-term investments and without putting a dent in your wallet.
With a view to increase pension coverage in the country, there could be a 'soft compulsion' for employees to join the scheme.
Young and new investors can take a cue while the old-timers may consolidate their money matters at the start of the FY 2017-18.
Observing that Modi wants "speedy and comprehensive development" , Naidu said that 4 .35 crore new bank accounts have been launched under Jan Dhan Yojana.
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