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- How to check PF balance: Here are 5 ways
- How to know your PF claim status
- What is EPF scheme and how to calculate PF balance?
- How to calculate Employees' Provident Fund balance and interest
- How to download EPF passbook
Labour ministry wants to exempt factories deploying fewer than 40 workers from complying with 14 central labour laws, including the Industrial Disputes Act.
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.
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.
Interestingly, the Budget papers said the limit of deduction under Section 80C was raised to encourage household savings.
Bringing contract workers on a par with regular workers must for both peace & progress, says labour minister.
Retirement fund body EPFO settled 11.06 lakh claims like PF withdrawals in June, with 38 per cent being settled within three days.
Former employer will provide UAN and member ID to the current employer. These details are mandatory for UAN activation.
The EPFO's corpus is large enough to be diversified across the risk spectrum to generate high, yet safe returns.
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.
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.
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
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.
EPFO will reportedly again take up issue of investing in equities.
NPS votaries have often argued that stock investments give the scheme a distinct advantage over the 100% debt-based Employees’ Provident Fund or EPF.
According to experts, the clubbing of allowances would have increased the savings of organised sector workers under schemes run by the EPFO.
An empowered committee of the retirement fund body EPFO today approved granting regular tax exemption to 68 private provident fund trusts.
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.
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.
Inactive PF accounts stop earning interest after three years. You could lose thousands if you don’t transfer the account or withdraw the money.
"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.
According to a circular issued by the Employees' Provident Fund Organisation (EPFO) to its field staff, the 'Annexure -K' will be provided online
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 has asked its field staff to clean up records as it plans to issue permanent account numbers soon to its over 5 cr subscribers.
Government should amend the income-tax law to bring the tax treatment on NPS at par with other longterm savings instruments.
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.
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.
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.
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.
Months ahead of elections, EPFO has fast tracked a proposal to provide a minimum monthly pension of Rs1,000 to its subscribers.
It will give salaried employees a choice in determining how their salaries should be used or paid out.
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.
It is precisely in times of slowdown when interest rates are also falling that retaining the earlier interest rate makes poor economic sense.
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.
The United States’ embassy in India could lose income-tax breaks on retirement savings of its Indian staffers from April 1, 2014.
EPFO has directed its field offices to sensitise employers about the need to forward in time PF claims of outgoing workers.
EPFO has reduced stipulated time limit for resolving its subscribers' grievances to 15 days from existing 30 days.
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.
Labour and Employment Minister Bandaru Dattatreya said there is no proposal to extend social security benefits to unorganised sector workers.
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.
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.
When tax planning for salaried women, the two most important sections, which need to be taken into account, are Section 80C and section 80D.
Around 4.5 crore workers are expected to gain from the cos' asset management expertise on retirement savings. Formula for success
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 has settled 96.11% of the claims filed during April-July this year within the mandated 30 days period as per their citizen charter.
Govt employees contributing to the National Pension System will be allowed to invest a bigger slice of their retirement savings in equities.
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.
In the present scenario, Central Government contributes 1.16 per cent of workers' basic wages (basic pay plus dearness allowance), towards EPS-95 fund.
The EPFO has said this in response to a letter written by Financial Services Secretary to Labour Secretary.
Retirement fund body EPFO wants defaults on PF remittance by companies to come under economic offences, a top official said today.
Taking the first step towards launching online PF transfer claim facilities, EPFO had earlier this month unveiled a revised claim form for the purpose.
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.
The body had also decided to seek the Aadhaar numbers of its pensioners through the banks.
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.
Experts advise taxpayers to exercise caution while tinkering with tax-planning instruments as you may have to forego tax breaks.
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.
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.
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.
The pension scheme for other than govt employee with investment focus on corp debt generated return of 14.19%.
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 and KPOs deal with supply of manpower services and are covered under the Schedule (I) as establishments rendering expert services," giovt
Decks have been cleared for clubbing of allowances with basic pay for PF deductions under the EPFO scheme, a move that will increase savings.
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.
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.
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 has directed to ensure that BOT invest PF amounts in accordance with that investment pattern and within the stipulated time frame.
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.
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.
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.
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.
Investing more than what is required in tax-saving instruments don’t fetch any further tax breaks and often offer poor returns.
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.
The circular did not actually change the rules and had not clarified which allowances needed to be included in the calculation of basic wage.
Under the new rule, unless the names of employees who have been denied benefits can be identifified PF department can’t begin proceedings.
The EPF board is likely to retain 8.5 per cent interest on provident fund deposits of 4.71 crore subscribers for 2010-11.
You must set in place a systematic investment plan so that you derive the benefit of cost averaging.
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.
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.
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.
The sops for workers include a new minimum wage, an assured minimum pension and higher salary ceilings for several employment benefits.
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.
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.
Labour Minister Oscar Fernandes appealed to the members to reach a consensus on EPF rate.
More than 16 lakh central and state government employees have almost Rs 8,500 crore invested in the NPS.
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.
Insurance regulator, IRDA bars entry of new managers into GPS. The pension component will become a part of basic salary.
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.
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.
Investment in an Equity-Linked Savings Scheme (ELSS) of a mutual fund can yield higher returns compared to other instruments like PPF and NSC.
Even as the Employees Provident Fund Board decided to retain the 8.5% interest rate.
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.
It is perverse that markets should tank at news of real strength in the economy, in the place of easy-money-fuelled artificial growth.
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.
Nine different bosses have been thrust over the past four years upon the EPFO, which is ten times bigger than the UTI.
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.
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
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.
The SDS, money borrowed by the central government, at present yields 8% return for the Employees' Provident Fund Oraganisation (EPFO).