The allotment of UANs to EPF subscribers will obviate the need for transferring the balance. UANs have been allotted to 4.17 crore contributors.
t may be noted that of the 10.5 million new jobs created between 1989 and 2010, only 3.7 million-about 35 percent – were in the formal sector.
Investors are confused now because there is no taxation parity between competing pension products
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A similar rate hike has also been effected in SDS where nong overnment retirement funds have invested over Rs1,10,000 crore.
Since personal finance is more personal than its finance, handling one's own finance is a tricky affair says Kishorkumar Balpalli founder & CEO of Mymoneysag...
Clarity about goals and linking these to investment will help Dharma Teja reach these with ease.
"With this EPFO has taken the first step toward knocking at the doorsteps of its members in the North Eastern states," the Labour Ministry said.
"A sum of RS 27,000 crore is lying as unclaimed amount in the EPF. My ministry is contemplating schemes (for its utilisation)," Dattatreya said.
There will be a blanket exemption from inspection and filing returns for the first year and would be asked to file an online self declaration form.
Over 4.5 crore subscribers to the Employees Provident Fund (EPF) are likely to get an interest payout of 8.5% for the sixth year in a row for 2010-11.
Inactive PF accounts stop earning interest after three years. You could lose thousands if you don’t transfer the account or withdraw the money.
Bengaluru-based Gunasekar needs to stagger his goals and invest in line with his objectives.
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.
Former employer will provide UAN and member ID to the current employer. These details are mandatory for UAN activation.
"Employers need to contribute Rs 200 monthly towards this scheme that will enable medical facilities for domestic workers,” Dattatreya said
According to Financial Planner Pankaaj Maalde, it will be difficult for Balasubramaniam to reach his goals unless he decides to curb his household expenses.
The survey also suggested providing the workers a choice between Employees' Provident Fund Organisation (EPFO) and National Pension Scheme (NPS).
The reasons why investor should be investing in fixed income are primarily two.
Sood's goals include building a contingency corpus, buying a car, taking a vacation, saving for the education and weddings of his children, and retirement.
With a low surplus, he has begun investing for his goals which includes saving for emergencies, buying a car and a house, and retirement.
The Labour Ministry has sought comments of the Law Ministry on Small Factories (Regulation of Employment and Conditions of Services) Bill,.
To put that in perspective, the annual income threshold above which personal income tax is payable isRs 2.5 lakh or about Rs 21,000 per month.
The state-owned miner’s fund currently manages about Rs 13,000 crore and provides pensions to some 3 lakh retired Coal India employees.
About 6 crore employees could get lower returns on their retirement savings this year, with the govt considering a 1.25% reduction in the EPF rate.
Labour Minister Oscar Fernandes appealed to the members to reach a consensus on EPF rate.
To avail pension and other benefits under the Employees Pension Scheme, 1995, one has to furnish the proof of Aadhaar number.
What Jaitley giveth, he also taketh away. Today's budget gives the salaried Rs 40K standard deduction, but takes away other allowances like medical.
"I want to know how to streamline my finances so that I can reach my goals.” — Theerta Prasad
Though it keeps a low profile, Employees' PF is one of the most effective ways to save for retirement. Find out how you can gain big from it.
Labour ministry wants to exempt factories deploying fewer than 40 workers from complying with 14 central labour laws, including the Industrial Disputes Act.
What's making this worse is longer life spans. In India, life expectancy at the age of 60 is now 17.8 years. In 1990, this was 14.8 years.
After Kingfisher Airlines was grounded in 2012, employees had staged a massive protest over the non-payment of PF dues.
Gandhi upped his 'Fair & Lovely' ante against the Modi govt, saying PM conveniently chose to ignore the black money amnesty scheme in his Parliament speech.
This may include systematic/phased withdrawal options, under which different combinations of withdrawal packages with/without annuity options can be offered to the subscribers.
"Congress and Rahul Gandhi can take credit for all decisions. He can take credit for the passage of GST and other bills if he lets Parliament function," BJP said.
The EPFO said it will be difficult to sustain the current interest rate of 8.5% without government support.
NSC and tax-saving FDs have certain common features. However, there are certain differences between the two which, give an advantage to NSCs over tax-saving FDs.
Investing in NPS has become easy but it is not easy to track its performance. Before you invest, find out which pension fund has given the best returns.
At present, all employees are required to pay 12 per cent of basic wages, including basic salary and DA, as contribution to the PF.
In addition to providing additional Rs 50,000 deduction under section 80CCD, the FM has also allowed employees to choose between EPF or NPS.
For starters, before you decide on buying a home, make sure you have accumulated enough money to make the down payment to avail the home loan.
Nepal today sought technical cooperation from India for extending Provident Fund in organised and unorganised sectors in that country.
The survey called for structural reforms and identifying manufacture of items such as cellphones to help India produce other high-tech products.
The decision to soften up EPF on the debt market came after CBT flatly rejected the option to invest 5% of its corpus in the capital markets. Resurgence of life insurance
Workers earning below a threshold will also have the option of not contributing to the EPF scheme, though employers will continue to contribute their 12% share for such workers.
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.
CTC comprises all the expenses that a company spends on its employee. Anything that is an “expense” for a company due to an employee, it would form part of CTC.
“Look at investing in medium-term debt instruments and expect high single digit returns,” says Abhijit Bhave, CEO, Karvy Private Wealth.
Given Shah’s surplus and resources, it will be impossible to save for all these goals and Shah will have to put off a few for now.
A review showed that barely 10% of the EPF members under the universal account number (UAN) programme were seeded with Aadhaar.
The made ups sector generates employment opportunities for women and in rural areas and the Government has recognised this potential while announcing the measures.
Fincart suggests that Nisith should allocate his stocks and a portion of his mutual fund corpus to achieve his goal without taking a loan.
Interventions are expected to boost employment in textiles & create jobs for 11 lakh persons.
The strong performance of the capital market in the past two months is set to figure prominently when the Central Board of Trustees (CBT) meets in November to decide the 2007-08 payout rate.
The over 4.5 cr subscribers to EPF will earn an interest payout rate of 8.5% even as banks lower their rate for deposits. Making of Budget: Whys and Wherefores?
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.
"The proposal was deferred due to paucity of time and would be taken up at another meeting being planned for later this month," EPFO trustee D L Sachdev said.
Employers contribute 12% of workers' salaries to their EPF accounts, over two-thirds (8.33% of the salary) of which is diverted to a pension scheme.
Bhargav Patel’s goals include saving for contingencies, kids’ education and their weddings, retirement, vacation and a house.
Labour Minister Bandaru Dattatreya said that as a precautionary measure in volatile stock markets, EPFO is investing only in Nifty, Sensex ETFs.
EPFO's investment in ETFs would be increased to 10% from the current level of 5% within the scope of investment pattern notified by the Finance Ministry.
The new investment pattern, which has been notified by government, would entail an investment of Rs 5,000 crore in the equity market annually.
Jaitley, in a blog post, said it would not be wrong to say that India has moved on to a much cleaner, transparent financial system post note ban.
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.
This move will bring over 50 lakh additional formal sector workers under the net of social security schemes run by the EPFO," said a senior official.
The two issues announced in the budget were discussed at a meeting of EPFO's central board of trustees.
Improving the attractiveness of the Provident Fund and similar schemes under the law governing them has become a key challenge for the EPFO.
The investment pattern for the retirement fund body in this regard is likely to be notified soon by the Labour Ministry.
"The notification (tightening PF withdrawal norms) will be kept in abeyance for three months till July 31, 2016. We will discuss this issue with stakeholders," the govt said.
Finance Minister Arun Jaitley offered individual tax payers two options in terms of savings - Employee Provident Fund (NPF) and the New Pension Scheme (NPS).
The only direct benefit for employees would be an additional Rs 800 they will receive in their monthly salaries.
An easy way to reduce tax liability is to cut basic pay and adjust it as perks. If you have a special allowance component, adjust it as a tax-free component.
Even as the Employees Provident Fund Board decided to retain the 8.5% interest rate.
Employees Provident Fund Board agreed to continue paying 8.5 per cent interest rate to its nearly four crore subscribers.
Modi’s speech, among other events, is expected to set the tone of the mega annual event expected to be attended by more than 2,000 rich and powerful people from 190 countries.
Modi said he was happy the world considered India a bright spot and about the economic development the country has seen.
Once an investor is KYCcompliant, he can invest in an ELSS scheme just like any other mutual fund scheme.
You can save tax by investing upto Rs 1.5 lakh in equity-linked savings scheme (ELSS) under section 80C of the Income Tax Act.
The craziness of March may be over, but investors and taxpayers still have a few more financial tasks to complete.
The Labour Ministry has proposed that contribution by companies towards their workers' EPF schemes would be a portion of "Contributory Wages" which will not include house rent and travel allowances.
The combined income of the couple is Rs 2.45 lakh a month and their goals include buying a car, another house, their future child’s education and wedding.
The overall objective of financial planning is to prepare the client for any of the two possibilities; of passing away too early or living too long. This article is going to focus on the latter possibility.
The Belgaum-based Sunil S. & Kaveri Nilajkar will need to raise the equity exposure in their investments if they want to reach their goals.
There are prospects of less than normal monsoon, markets have gone down. In such a situation, investors tend to get confused about how and where to invest.
The move will also help pensioners living in remote areas who now don't have to travel to the EPF offices or banks to file paper-based life certificate.
A special meeting of the EPF Board was held tonight to finalise the rate of interest for 2006-07 and 2007-08 for four crore subscribers.
Here's why salaried Saurav Kumar and Slagha Sreyans, 31, won't face any difficulty in meeting their long list of goals.
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.
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
Over four crore subscribers to the Employees Provident Fund will likely get an interest payout of 8.5% for 2008-09.
Pune based Shendes goals include saving for contingencies, child’s education and wedding, buying a house, and retirement.
The Labour Ministry on Monday eased the planned restriction on withdrawal of contribution to the employees' provident fund.
If you're looking to get the best out of your financial plan, you need to take into account all your investments, instead of just one.
Financial Planner Pankaaj Maalde suggests Srinivas increase his surplus so that he can invest Rs 26,000 for all his current goals.
In a bid to push labour reforms and boost the 'Make in India' programme, Labour Ministry will push three bills for Cabinet approval next week.
Private sector NPS subscribers are allowed to select any of these seven asset managers and this move will bring parity for all NPS subscribers.
Sandeep Singh's financial goals include saving for emergencies, son’s education and wedding, retirement, vacation and a car.
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