The Economic Times
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| 24 January, 2021, 08:46 AM IST | E-Paper

    Labour ministry to introduce bills in Parliament despite trade unions opposition

    Labour ministry wants to exempt factories deploying fewer than 40 workers from complying with 14 central labour laws, including the Industrial Disputes Act.

    Don’t fall into liquidity trap to save more on taxes: Experts

    Experts advise that instead of investing more to claim relief under Section 80C, it may be better to forego a part of savings on tax outgo.

    Budget 2014: Private sector contributions to NPS may be taxed for past 5 years

    For pvt subscribers, date of joining service & joining NPS might have been different, as the scheme was not open to non-govt employees before 2009.

    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.

    No lock-in period for EPF withdrawals: Kharge

    Bringing contract workers on a par with regular workers must for both peace & progress, says labour minister.

    Retirement fund body EPFO settles 11 lakh claims in June

    Retirement fund body EPFO settled 11.06 lakh claims like PF withdrawals in June, with 38 per cent being settled within three days.

    Five steps to activate Universal Account Number

    Former employer will provide UAN and member ID to the current employer. These details are mandatory for UAN activation.

    Amend EPF Act: Allow voluntary migration to NPS

    The EPFO's corpus is large enough to be diversified across the risk spectrum to generate high, yet safe returns.

    Government proposes major overhaul of labour laws

    The govt proposes to loosen strict hire-and-fire rules, make it tougher for workers to form unions as well as raise the severance package by three times.

    International Labour Organisation echoes unions' reservation against labour law amendments

    ILO has put its weight behind trade unions in India which hold that certain proposed amendments to labour laws would go against the interest of workers.

    EPFO orders probe if Sahara paying the statutory retirement savings of its employees

    PF offices have also been asked to take immediate action wherever there is no compliance, by invoking the penal provisions of the Employees Provident Fund Act of 1952

    EPF interest rate will be raised to 8.6% this year: Kharge

    Interest rate on employees' provident fund will be increased to 8.6 per cent for the current fiscal, a move which will benefit around five crore subscribers.

    Allow migration from EPF to NPS

    EPFO will reportedly again take up issue of investing in equities.

    NPS funds for government workers gave worst ever returns in 2013-14

    NPS votaries have often argued that stock investments give the scheme a distinct advantage over the 100% debt-based Employees’ Provident Fund or EPF.

    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 panel grants regular tax exemption to 68 private PF trusts

    An empowered committee of the retirement fund body EPFO today approved granting regular tax exemption to 68 private provident fund trusts.

    BJP seeks 9.5% int on EPF, says will oppose FM's decision

    Accusing the government of being "hell-bent" on reducing the rate of interest on EPF, the BJP today said it will not accept any decision.

    Labour unions seek higher returns on SDS for better EPF yield

    They would demand re-activation of the SDS, where more than one-fourth of the EPF money is parked, and to increase interest rates on it.

    Here's why you should not let your Employee Provident Fund lie idle

    Inactive PF accounts stop earning interest after three years. You could lose thousands if you don’t transfer the account or withdraw the money.

    EPFO settles 1.1 crore claims till February end, 97% within 10 days

    "31 per cent of the total claims are settled in 3 days while 66 per cent of the total settlement is within 10 days," an official statement said.

    EPFO to provide Annexure-K online to Private PF trusts

    According to a circular issued by the Employees' Provident Fund Organisation (EPFO) to its field staff, the 'Annexure -K' will be provided online

    NPS needs to offer equal tax treatment to all irrespective of nature of employment

    The problem with taxation of withdrawals under the National Pension System is not that it’s confusing, but that it may not be fair.

    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.

    Amend the EPF Act to allow workers to migrate to NPS and earn higher returns

    Government should amend the income-tax law to bring the tax treatment on NPS at par with other longterm savings instruments.

    CAG says EPFO earned more, paid less to members in 4 fiscals

    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.

    Despite taxation, NPS is a much better option

    In five to seven years, it will become obvious that NPS returns are much higher than EPF and the service standard and convenience are much higher.

    Budget 2015: Senior Citizen Welfare Fund may face trade union, legal hurdles

    FM had announced setting up of the fund using the unclaimed deposits of about Rs 3,000 crore in the PPF and about Rs 6,000 crore in the EPF corpus.

    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.

    EPFO’s Rs 1,000 pension scheme to start soon

    Months ahead of elections, EPFO has fast tracked a proposal to provide a minimum monthly pension of Rs1,000 to its subscribers.

    Budget 2015 heeds to petition that called for flexible salary structure

    It will give salaried employees a choice in determining how their salaries should be used or paid out.

    EPFO meet on Feb 5 to make minimum pension of Rs 1,000 reality

    Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000.

    Improvident fund: EPF must be overhauled

    It is precisely in times of slowdown when interest rates are also falling that retaining the earlier interest rate makes poor economic sense.

    EPFO for hiking minimum administrative charges by employers

    Making a case for hiking the charges, the body said, "Since 1978, on account of expanding economy, the real value of the rupees has come down substantially.

    US embassy could lose tax breaks on provident fund

    The United States’ embassy in India could lose income-tax breaks on retirement savings of its Indian staffers from April 1, 2014.

    Ask firms to file PF claims well in time: EPFO to field staff

    EPFO has directed its field offices to sensitise employers about the need to forward in time PF claims of outgoing workers.

    Resolve members' grievance within fortnight, EPFO to Field Offices

    EPFO has reduced stipulated time limit for resolving its subscribers' grievances to 15 days from existing 30 days.

    2014 saw slew of labour reforms

    The ministry also managed to get two bills - Apprentices Amendment Bill 2014 and the Labour Laws Amendment Bill, 2014 passed in both the Houses of Parliament.

    No proposal for extending social security benefits to unorganised workers: Bandaru Dattatreya

    Labour and Employment Minister Bandaru Dattatreya said there is no proposal to extend social security benefits to unorganised sector workers.

    EPFO to become UIDAI registrar to enrol its subscribers

    EPFO has decided to become a registrar of the Unique Identification Authority of India to facilitate enrolment of its subscribers who don't have Aadhaar numbers.

    Scamsters drain out PF accounts with fake claims, EPFO swings into damage-control mode

    Nearly 2.5 crore, or 30 per cent, of all provident fund accounts have a negative balance, some of which may be due to fraudsters who faked withdrawal claims.

    How should salaried women plan their taxes

    When tax planning for salaried women, the two most important sections, which need to be taken into account, are Section 80C and section 80D.

    Reliance Capital breaks into EPF management

    Around 4.5 crore workers are expected to gain from the cos' asset management expertise on retirement savings. Formula for success

    PM Narendra Modi unveils labour reforms; launches Universal Account Number for employees

    Aiming to put an end to the infamous 'inspector raj' culture, PM Modi unveiled labour reforms in an attempt to boost his 'Make in India' programme.

    EPFO settles over 96% claims filed in April-July in set 30 days

    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.

    Government staff to be allowed to put more money in equities under National Pension System

    Govt employees contributing to the National Pension System will be allowed to invest a bigger slice of their retirement savings in equities.

    Relaxed norms will help EPF earn good returns even from debt investments: Anil Swarup

    Central Provident Fund Commissioner Anil Swarup explains how two recent decisions of the Central Board of Trustees of the EPFO could boost the Provident Fund returns significantly.

    Hike contribution to ensure Rs 1,000 minimum pension: EPFO to Government

    In the present scenario, Central Government contributes 1.16 per cent of workers' basic wages (basic pay plus dearness allowance), towards EPS-95 fund.

    EPFO questions FinMin claim, says EPS is better than NPS

    The EPFO has said this in response to a letter written by Financial Services Secretary to Labour Secretary.

    EPFO wants default on PF remittance under economic offences

    Retirement fund body EPFO wants defaults on PF remittance by companies to come under economic offences, a top official said today.

    EPFO starts registration of digital signatures of employers

    Taking the first step towards launching online PF transfer claim facilities, EPFO had earlier this month unveiled a revised claim form for the purpose.

    EPFO starts registration of digital signatures of employers

    To facilitate online transfer of PF accounts of employees on changing jobs, retirement fund manager EPFO has started the process of registering digital signatures of employers which is a prerequisite.

    Aadhaar number not a must for EPFO members

    The body had also decided to seek the Aadhaar numbers of its pensioners through the banks.

    Filed your I-T return on time? Here's why you can still get a notice

    If you forgot to include some income or haven’t declared certain assets, the tax authorities may send you a notice. What you can do to avoid getting one.

    You can lose tax breaks in rush to exit investments

    Experts advise taxpayers to exercise caution while tinkering with tax-planning instruments as you may have to forego tax breaks.

    Planning to save tax? Here are some investment options to benefit you

    It is a general belief that significant tax planning is not possible if it comes to personal tax. There are still avenues to explore which will minimise the tax burden effectively.

    Finance Ministry again asks labour ministry to invest part of EPF in markets

    The finance ministry has argued investing a portion of the Rs 5 lakh crore EPF corpus in stocks would help the fund generate higher returns.

    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.

    National Pension System subscribers earn double digit return in 2012-13

    The pension scheme for other than govt employee with investment focus on corp debt generated return of 14.19%.

    Government open to buying equity in highway projects, puts PPPs on hold

    The NDA government has also decided to put all public-private partnerships (PPPs) in the road sector on hold for two to three years.

    BPOs, KPOs fall under the EPFO's social security net: Government

    "BPOs and KPOs deal with supply of manpower services and are covered under the Schedule (I) as establishments rendering expert services," giovt

    Clubbing allowances with basic pay for PF deduction on cards

    Decks have been cleared for clubbing of allowances with basic pay for PF deductions under the EPFO scheme, a move that will increase savings.

    Govt reviewing EPF scheme to ensure better benefits

    The Employees Provident Fund scheme is being reviewed to assess how better benefits could be provided to employees and two committees have been set up for the purpose, government told the Lok Sabha on Thursday.

    Last minute tax planning tips

    If you haven't wrapped up your tax planning as the financial year draws to a close this week, here's a quick look at the available options and their suitability for you.

    Unclaimed, Rs 22,636 crore in dormant provident fund accounts

    This is because employees holding these accounts have moved on to new jobs and have not transferred their EPF accounts to that of the new employment.

    EPFO to use IT-based monitoring of private provident fund trusts

    EPFO has directed to ensure that BOT invest PF amounts in accordance with that investment pattern and within the stipulated time frame.

    EPFO to pay 8.5% interest on PF deposits for 2012-13

    Payment of 8.6% interest would result in a deficit of Rs 240.49 cr whereas 8.5% interest for current fiscal would leave a surplus of Rs 4.13 cr.

    FinMin, Labour Min lock horns on investing EPF money in stocks

    Whereas the EPFO commands a corpus of Rs 3 lakh crore, other provident funds, which follow the Fund's investment pattern, have another Rs 2 lakh crore.

    Settlement delays by EPFO not to affect interest payout

    The PF office has been asked to ensure that employees are not penalised for its inability to settle accounts in a timely manner.

    EPFO seeking refund of ‘excess interest’; sends out notices to members whose requests were completed after April 1, 2011

    EPFO has reached out to present employers of PF members & sought refunds, citing wrongful credits of excess interest on past PF balances.

    'EPF rates likely at 8.5%'

    Amid pressure by Left-backed trade unions not to tinker with the current 8.5 per cent interest rate on Employees Provident Fund, the government today said it will try to retain the rate for the four crore EPF subscribers in the country.

    More is not always better while investing to save tax

    Investing more than what is required in tax-saving instruments don’t fetch any further tax breaks and often offer poor returns.

    EPFO passes order against G4S, raises demand of Rs 133.76 cr

    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.

    Government to review EPFO circular on salary, allowances

    The circular did not actually change the rules and had not clarified which allowances needed to be included in the calculation of basic wage.

    Now, companies stinting on provident fund can go scot-free

    Under the new rule, unless the names of employees who have been denied benefits can be identifified PF department can’t begin proceedings.

    EPF interest may remain at 8.5 pc in 2010-11

    The EPF board is likely to retain 8.5 per cent interest on provident fund deposits of 4.71 crore subscribers for 2010-11.

    How to make tax-saving investments a part of the overall financial plan

    You must set in place a systematic investment plan so that you derive the benefit of cost averaging.

    Industries with 10 or more employees to be under EPF

    Govt today approved the proposal of bringing industries with ten or more employees under the ambit of Employee's Provident Fund against the earlier limit of twenty or more workers.

    Expats from select countries can withdraw PF before they turn 58

    The ministry of labour and employment has issued a notification last month allowing PF refund for expatriates coming from countries that have SSA with India.

    EPFO meet to make Rs 1,000 monthly pension a reality

    Govt will provide an additional Rs 1,217 cr to ensure minimum pension of Rs 1,000 starting 2014-15. Pensioners will get benefit with effect from April 1, 2014.

    Election 2014: UPA to woo workers with new minimum wage, pro-staff PF & ESIC rules

    The sops for workers include a new minimum wage, an assured minimum pension and higher salary ceilings for several employment benefits.

    AITUC seeks Labour Minister's intervention to fix PF 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.

    EPFO likely to announce 8.5% interest tomorrow on PF deposits

    The EPFO, which is estimated to have an income of Rs 20,796 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5% interest to the subscribers.

    EPF Board fails to reach consensus

    Labour Minister Oscar Fernandes appealed to the members to reach a consensus on EPF rate.

    NPS delivers average returns of 9.33%, beats PFs

    More than 16 lakh central and state government employees have almost Rs 8,500 crore invested in the NPS.

    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.

    New senior managers can't enjoy group pension scheme, says IRDA

    Insurance regulator, IRDA bars entry of new managers into GPS. The pension component will become a part of basic salary.

    Govt may ask EPF to invest in private bonds

    The government is tentatively exploring the possibility of convincing the Central Board Trustees of the Employees Provident Fund (EPF) to invest in private bonds and equity mutual funds for garnering better returns on investments.

    EPF Board likely to meet next month

    The meeting might not be able to recommend any agreed rate at one go since trade unions are likely to demand increase in the rate from 8.5 per cent, paid for the past two successive years.

    ELSS better investment option than PPF, NSC: Crisil

    Investment in an Equity-Linked Savings Scheme (ELSS) of a mutual fund can yield higher returns compared to other instruments like PPF and NSC.

    TUs to press for 9.5% EPF rate

    Even as the Employees Provident Fund Board decided to retain the 8.5% interest rate.

    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.

    Rupee fall: Need to focus on the doable

    It is perverse that markets should tank at news of real strength in the economy, in the place of easy-money-fuelled artificial growth.

    Labour ministry for clubbing allowances with basic pay to calculate PF dues

    Expats and domestic employees with basic monthly pay of up to Rs 6,500 may see a dip in take-home salaries if law ministry agrees to a plan to club allowances with basic pay to calculate PF dues.

    EPFO sees 9 bosses in 4 years under UPA

    Nine different bosses have been thrust over the past four years upon the EPFO, which is ten times bigger than the UTI.

    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.

    EPF interest rate fixed at 8.5% for 2008-09

    The decision to retain the rate at 8.5%, third time in a row, comes at at time when the banking regulator is expected to effect a rate cut in the wake of a marked economic downturn.

    Most companies don't have proper EPF provisions

    Many Indian companies have not made adequate provisions for employee provident fund and pension. Weekly Gainers: BSE (A. B), NSE | Losers: BSE (A. B), NSE

    2012: Smart ways to save tax & take advantage of DTC

    To take advantage of the Direct Taxes Code as well as the changes in taxation rules introduced last year, you will need to tweak your tax-saving strategy.

    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).

    The Economic Times