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How to make the most of the extra Rs 50K tax deduction under Section 80C

The deduction under Section 80C has been increased. Instead of random investments, use the additional limit to fill the gaps in your financial plan.

EPFO asks field staff to enrol their outsourced workers

EPFO recently notified the higher monthly wage ceiling of Rs 15,000 for becoming member of its social security schemes, which is effective from Sept 1.

EPFO seeks feedback of field offices to avoid affidavits

EPFO has started this process following Prime Minister Narendra Modi's push to allow people to self-attest their official documents.

Minimum pension of Rs 1,000 under EPFO; wage ceiling up at Rs 15,000

Govt's decision to fix pension entitlement of Rs 1,000 under the Employees' Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners.

EPFO fails to manage workers retirement savings, generate reasonable returns

Rturn from NPS was around 11.88% over the last two years against 8.8% on the EPFO. So, workers should have the choice to migrate.

Sis Ram Ola's political security lies in abuse of social security setup

Last week, the labour ministry instructed the Provident Fund department to set up a sub-regional office in his home constituency of Jhunjhunu.

New investment norms mean no stock market play for PF investments

Industry experts feel the new investment allocations could boost annual returns for provident funds by 0.1% to 0.2%, at current market rates.

PM Narendra Modi's labour reforms: 25,000 laws don't protect 90% of the workforce

Plumbing matters, India's 6.3 crore enterprises translate to 7,500 companies with a paidup capital of over Rs 10 crore. Only 12% of our labour force works in manufacturing.

EPFO declares average interest of 8.67 per cent in 3 years to FY15

The rate of interest during 2014-15 has been declared at 8.75%, 8.75% in 2013-14 and 8.50% during 2012-13, Labour Minister said.

AAP extends support to agitating drivers, conductors

Aam Aadmi Party leader Arvind Kejriwal today promised to abolish the contract labour system if his party was voted to power.

Government to take provident fund interest decision after state elections results

Worried over political implications of PF interest rates cut amid state elections, govt has decided to defer its decision on the rate till elections end.

Budget 2015: National Pension System tipped to improve and enlarge retirement savings, says Dhirendra Kumar

As NPS takes centerstage, enhancement of tax saving limits for the NPS means a new deal for retirement savings for employees of private firms.

How Santosh Shelar’s high savings can help him retire early

Shelar’s portfolio includes debt in the form of fixed deposit, PPF, EPF and insurance plans, while equity includes stocks and mutual funds.

Budget 2015 proposes schemes to widen social security net

The Finance Minister said there are unclaimed deposits of about Rs 3,000 crore in the PPF, and approximately Rs 6,000 crore in the EPF corpus.

EPFO settled 37.41 lakh claims till July 15 this fiscal

The EPFO had settled 123.36 lakh claims during the previous financial year, 111.42 lakh claims in 2012-13 and 90.5 lakh claims in 2011-12.

Government to bring Bill for social security to unorganised workers

"He (Labour Minister Bandaru Dattatreya) promised that Bill for Social Security for Unorganised Sector workers will be brought in," said a press release.

Finance Ministry rejects 9.5% interest on PF pay out for FY11

The EPF rate has been at 8.5% since 2005-06 and the rate would have stayed the same in 2010-11 as per its earnings.

Make National Pension System more robust without waiting for passage of the Pensions Bill

NPS is a sound vehicle for accumulating a corpus for retirement compared to the EPF whose management is opaque & return is sub-optimal.

EPFO spots Rs 2k-cr hidden money, weighs 9.5% payout

Over 50 million employees of the organised sector are in for a surprise Dussehra bonanza from the government.

10 documents you need to file your income tax return

CAs advise that you must collect all the documents related to income earned during the FY to ensure that there are no mistakes made while filing ITR.

Two key UPA decisions in NDA's 100-day agenda

The government wants to raise the monthly wage ceiling to Rs 15,000 from the existing Rs 6,500 under the Employees' Provident Fund Scheme.

Private PF trusts may have to hand over responsibility for investing funds to the EPFO

Companies managing provident fund accumulations of their employees in-house may soon have to hand over the entire corpus to employees provident fund organisation.

Ignore the conjectures on this bull run; there is big money to be made

Markets discounted the worst initially, but soon realised that things are getting better.

Staffing company TeamLease Services along with 500 firms write to govt over salary payments

The recently-submitted petition urges the government to take a re-look at the laws governing salary payment of lowwage employees by allowing them to choose how their salary is paid and contributions invested.

EPFO panel approves raising insurance cover to Rs 5.5 lakh

EPFO's panel has approved a proposal to increase the maximum amount assured under the EDLI scheme to Rs 5.5 lakh from Rs 3.6 lakh.

EPFO settles Rs 1.23 crore claims in FY14, 98% in mandated 30 days

According to the EPF and pension schemes run by the EPFO, claims complete in all respects should be settled within 30 days of receipt.

EPFO mulls social security agents to improve service delivery

These social service agents could also help the EPFO in a big way in case of Universal (portable PF) Account Number scheme.

Guptas need to stagger investments to ease goal fulfilment

Large number of goals will require meticulous planning and disciplined investing in a phased manner to ensure security in the long term.

Uttarakhand: EPFO asked to fast track settlement claim of families

Labour and Employment Minister Sis Ram Ola asked the staff of Employees Provided Fund Organisation to fast track settlement claims of affected families.

Family finances: Pune-based Shrigadi needs to revamp insurance, investment portfolios

"I may be late in starting with planning, but I want to start saving and build a strong portfolio in the next five years,” says Vinayak Shrigadi.

Kajrolkars need to put surplus to work to meet goals

The high savings rate means that Kajrolkars can reach their goals provided they align their investments and secure their risks adequately.

EPFO to float tender for engaging new fund managers

Bidders or interested parties can seek clarification and enquire about terms and conditions of the tender in the conference, officials said.

Chauhans need to streamline investments, increase equity exposure

The Chauhans not only need to realign their portfolio, but also make fresh investments to meet their primary goals with ease.

Ficci opposes changes in basic wage structure for PF deduction

Business chamber Ficci has opposed the proposed changes to the definition of 'basic wages' under the Employees Provident Fund & Miscellaneous Provisions Act (EPF and MP Act) 1952.

Budget 2015: Here's why you should invest in New Pension System now

The Budget has proposed an additional deduction of Rs 50,000 if you invest in the NPS. Find out how and why you should invest in the scheme.

Government employees should be allowed higher equity allocation in NPS: Yogesh Agarwal, PFRDA

PFRDA Chairman Yogesh Agarwal explains why the NPS funds for government employees have not earned significantly higher returns than the EPF and why the investment norms need to be relaxed.

Child labour Bill to be brought in coming Parliament session

The amendment Bill of Child Labour Act, pending since 2012, has proposed to ban employment of children below 14 years of age in any occupation.

Financial mistakes women make and how to avoid them

ET spells out the common financial mistakes made by women. And what women, and even men, can do to rectify them.

Hyderabad-based Madhav needs to change investing pattern to meet financial goals

The Hyderabad-based couple will need to hike equity exposure, align investments and put off early retirement to hit financial targets.

Proposal to combine allowances with basic pay rejected; trade unions to approach Election Commission

Trade unions will approach EC against the government decision to reject the proposal to club allowances with basic pay for PF deductions.

Labour Ministry asks EPFO to hold clubbing of allowances for provident fund deductions

According to experts, the clubbing of allowances would have increased the savings of organised sector workers under schemes run by the EPFO.

EPFO to give subscribers options for investment of their funds

EPFO plans to give an option to its subscribers to choose from investment products where they want their money to be invested.

2 years of Narendra Modi government: 10 steps that transformed lives of small investors

As the government completes two years in office, we list 10 steps taken by the Centre that have made a difference to you as an investor.

How aggressive investing will stand the Barmans in good stead

Exposure to equity and heavy investments early in life mean that the Barmans just need to streamline their portfolio and secure their risks.

Best performing NPS funds for different asset allocations

NPS portfolios are a mix of 2-3 different funds. We identify the best performing funds for different asset allocations to help optimise your gains.

High monthly saving to help Kumars meet goals

The Kumar family is unlikely to face major hurdles in their financial journey if they invest correctly and cover their risks adequately.

How a balanced portfolio will help the Nandis meet their financial targets

Before the Nandis start planning for their goals, they should reschedule their loan portfolio to increase their investible surplus.

EPFO investments in equity assets: Too little, too late, say experts

If implemented properly , equity returns could be the change from dooming EPFO beneficiaries to old age poverty to enabling decent returns on retirement savings.

EPFO to issue universal account number soon; calls for cleaning records

EPFO has asked its field staff to clean up records as it plans to issue permanent account numbers soon to its over 5 cr subscribers.

The EPFO mess

The EPFO move to ask the govt to bar workers from withdrawing their PF balances on switching jobs is a frantic but incremental step.

Should workers be allowed to dip into retirement funds?

The National Pension System, which used to be an airtight investment, has become more flexible and permitted withdrawals for specified needs.

need2know: Seven things you must know to start your day on D-Street

The regulator plans to put in place a clear bar on NRIs and entities owned by them and resident Indians subscribing to participatory notes, a move aimed at preventing possible round-tripping or laundering of black money.

Sahara India under PF Department's scanner; company asked to submit all employee details

Ironically, the ad was issued in response to the SC orfer that directed the co to repay Rs 24k cr collected from 3 cr plus investors.

Rs 1,000 minimum pension is almost reality now

EPFO trustees today approved a proposal to provide a monthly pension of minimum Rs 1,000, a decision that will immediately benefit about its 28 lakh pensioners.

need2know: six macro triggers that may impact the market today

The parliament session, along with derivatives' expiry and the US monetary policy review, will dictate the trajectory of the Indian equity markets during this week. Add to this the Q4 results of a number of big banks coming up, the stage is set for the day.

EPFO makes it mandatory to provide workers' bank account numbers

EPFO has already captured bank account details in respect of 1.80 crore employees, PAN details in respect of 86.9 lakh employees.

Why the Kumars need a focused approach to meet their financial goals

An increase in equity exposure, aligning investments with goals, revamping insurance portfolio and pushing back retirement will help the Kumars.

Transparency, disclosure key to trustworthiness: Sanjay Sachdev, Financial Planning Standards Board

"Regulatory focus on the the fee mechanism should be preceded by the building up of a skilled talent pool of advisers."

Sense on pensions: Offer option to invest in govt bonds

India's National Pension System (NPS) is well-designed, has low costs and will offer decent returns over the medium term.

Trade unions seek better returns on PF loans to govt

The SDS, money borrowed by the central government, at present yields 8% return for the Employees' Provident Fund Oraganisation (EPFO).

EPFO to use Aadhaar-based cash transfers in 43 districts by December 31

In a directive, labour ministry has told EPFO to embed the Aadhaar number in bank accounts of beneficiaries in 43 districts by Dec 31.

Here's how you can maximise your take-home pay by making right investment declarations

While the form may be a simple one to fill, in a haste to meet the deadline, do not make mistakes that could cost you throughout the year.

Patels need to revamp insurance portfolio, increase equity exposure to meet goals

"I have purchased several insurance policies and want to know whether I should continue or switch to better ones." — Tejas Patel

Why go to a mutual fund? Invest all your money with us: Samirendra Chatterjee, Central Provident Fund Commissioner

Central Provident Fund Commissioner Samirendra Chatterjee says the purpose of an EPFO account is defeated when people withdraw money every time they change jobs.

How different taxpayers can distribute tax-saving investments

How you distribute your tax-saving investments depends on your needs and goals. ET Wealth looks at where taxpayers in five different situations could invest.

EPFO’s steadfast refusal to reform

EPFO has decided to pay a higher return of 8.75% in this fiscal compared to 8.5% last year, without making the manner of financing the payout transparent.

EPFO to provide 8.75% interest on PF deposits for 2013-14

Retirement fund body EPFO on Monday decided to provide 8.75 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.

Family Finances: Heavily invested in debt? Focus on equity for financial security

"I’d like to know about investment tools that can help increase my wealth and ensure a comfortable living for my family." — D.V. Srikant

No more ESI medical colleges: Union Labour Minister Narendra Singh Tomar

Union Labour Minister Narendra Singh Tomar today said the one proposed at Bhubaneswar would be established as it was already decided.

Family Finances: Mahesh Macwan needs to optimise returns with higher equity exposure

Despite being single and having simple goals, Mahesh Macwan may not be able to fully achieve his goals. But, he can redirect his investments to maximise his returns.

Yashwant Sinha picks holes in pension reforms bill

Senior BJP leader and chairman of Parliament’s Standing Committee Yashwant Sinha on Thursday said the government’s rejection of the panel’s suggestions for fine-tuning the pension reforms bill is a matter of concern.

Employees must get priority if company is wound up: Supreme Court

The Supreme Court has ruled that employees of a liquidated company are entitled to first preference of provident fund.

Take the right financial decisions in your 50s to prepare for retirement

You should ideally start saving for retirement as soon as you start earning. But many people get serious about it only when they reach their 50s.

Rangacharis are unlikely to face any challenges due to savvy investments

A conscientious investor may not necessarily be prudent because aggressive investments don’t always translate to optimum returns.

EPFO to inspect firms splitting wages to reduce Provident Fund liability

Employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.

Messy EPFO: Trace owners of inoperative accounts

The Employees Provident Fund Organisation (EPFO) is set to offer a better-than-expected return of at least 9% in 2011-12.

Trade unions mulling strike against amendment to labour laws

Central trade unions will take decision to launch strong protest against government for alleged moves to dilute labour laws during their convention on May 26.

Why the Fules will have to realign their investments despite high savings

The next important goal for the family is retirement, for which they have estimated a need of Rs 2.38 cr in 18 years to maintain their existing lifestyle.

Pension funds investment corpus to cross $1 trillion by 2025

The passing of the pensions regulator act will spur growth of the investment corpus in the pensions sector to over $1 trillion by 2025, says a report jointly prepared by the Confederation of Indian Industry and global professional services firm Ernst & Young (EY).

Employees' Provident Fund Organization to provide Universal Account Number to contributing members initially

According to the office order, the Labour Ministry has committed that the seeding of KYCs to the UAN number would be completed by 15th October, 2014.

Why annuity plans are not a great idea

Despite the recent reduction in service tax, returns from annuity plans remain too low.

The week that was: Midcaps ahead in race; auto, healthcare big winners

For benchmark indices, it was a week of consolidation after a huge post-Budget rally. The BSE Sensex and the Nifty50 advanced 0.3% each during the week.

No change in new pension scheme tax relief

Interestingly, the Budget papers said the limit of deduction under Section 80C was raised to encourage household savings.

Budget 2014: It’s a good budget from an individual's tax saving perspective, says Vineet Agarwal of KPMG

Budget will encourage more saving & investment by people which will help them save money for their future needs & also increase overall savings rate.

Bring in BPOs, KPOs under PF net: Labour ministry

Labour min has urged tightening of EPF rules to ensure that no industry in organized sector, including BPO, KPO services, are able to elude coverage.

79 private PF trusts flout prescribed investment norms

These 79 companies operate private PF trusts and manage their workers' retirement funds as well as account themselves.

Budget 2016: Eight takeaways for individual taxpayers

Those earning below Rs 5lakhs to save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000.

How to open a PPF account? Know its rules and benefits

With interest rates fixed income investments coming down, PPF remains a suitable alternative for allocating debt portion of one's portfolio.

Family Finances: How delayed financial planning can impact Shingtes' goals

Despite a high savings rate and net worth, the delayed start to focused financial planning and poor risk coverage mean that the Shingtes may not be able to meet all their objectives.

NPS gives 12% average return in first year

The New Pension Scheme for private citizens has generated an average return of 12% in the first year of its operations.

Subscribers have right to use own money: Central PF Chief

The labour ministry has opposed the finance ministry’s suggestion that there should be checks on early withdrawals from the employees PF accounts.

Labour, finance ministries differ over PF withdrawals

The labour ministry has opposed the finance ministry’s suggestion that there should be checks on early withdrawals from the employees provident fund accounts, as it sought to defend the right of subscribers to use their own money.

High surplus, regular saving to help Babu meet all goals

"I want to know if the mutual fund schemes I have invested in are good. Is there a need to shift to some other funds?” — Babu S

Kinariwalas' goal of buying house may jeopardise other financial goals

Kinariwalas have been aggressive investors with a well-diversified portfolio, but their desire to buy a larger house may impact the planning for other crucial goals.

EPFO faces Rs 7,000 cr tax demand on premature withdrawals

The I-T Department has slapped the Employees’ Provident Fund Organisation (EPFO) with an unprecedented tax demand for failing to tax premature withdrawals by account holder.

How high debt and no equity exposure act as hurdles for the Kalambes

The Kalambes will have to repay their debts and find ways to raise their surplus be able to achieve their goals.

Wind down the Employees Provident Fund, do not expand it

Labour ministry’s proposal to raise the statutory wage ceiling for provident fund contributions should be turned down.

Higher fee, awareness will boost NPS: Hemant G Contractor, Chairman, PFRDA

"One major factor was lack of awareness about pension. Al though things are changing, we need to drive home the message that pension is important."

EPFO panel grants tax exemption to 20 private PF trusts

The meeting of the panel is being called as outgoing FM P Chidambaram did not extend a March 31 deadline for the trusts to get regular tax exemption through the EFPO.

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