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Labour Ministry allows EPF withdrawal amid lockdown

The decision is taken in view of lockdown across the country to fight COVID-19. The COVID-19 has been declared pandemic and therefore employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952 are eligible for the benefits of non-refundable advance.

I wanted to invest immediately. Have I picked the right mutual funds?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

How to apply online for advance from your EPF corpus

An advance under the amended paragraph can be sought through the same process by which all other advances are granted. No separate procedure is prescribed. Members can apply online.

Govt proposes to relax EPF withdrawal rules

As per the announcement, due to pandemic situation, the government will amend Employees Provident Fund withdrawal rules and also, will pay both employer and employee contrition to the EPF account for the continuity of the account for the next three months.

New tax regime and other tax changes that will come into effect from April 1

​The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year.​ Here is a look at seven new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.

How India can rise to the Covid challenge

India is in the middle of a calamity. An extraordinary challenge requires an extraordinary response.

FM announces Rs 1.7 lakh crore relief scheme for poor

These scheme includes cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.

Big announcement for EPFO subscribers under PM Gareeb Kalyan Scheme, govt will pay workers' PF for 3 months

This will be applicable for establishments with up to 100 employees, where 90% of employees drawing less than Rs 15,000 salary. Benefiting 4.8 crore employees the govt also amended EPFO regulations to allow workers under EPFO to draw up to 75% of their non-refundable advance or 3 months of wages, whichever is lower.

View: Go bolder and bigger on the COVID-19 relief package

Forget the fiscal deficit. Everyone is a Keynesian in a foxhole. We are in a foxhole right now. The point about spending big in times of a crisis is to swiftly stop the spending when the crisis is over.

EPF interest rate lowered by 15 bps to 8.5% for FY20

The interest rate is a big sentiment booster and any cut may further hit the employee sentiment.

Covid-19 outbreak: PF relief for staff, firms on the cards

The employer is liable to pay interest of 12% per annum for every day that there is a delay in payment into the EPF account. Besides, there is a penalty of 5-25% per annum for delays ranging from up to two months to more than six months.

Family finance: Aggressive investment will help Bhardwaj achieve all money goals with ease

Kuldeep Bhardwaj's goals include building an emergency corpus, buying a house, taking a vacation, saving for children’s education and weddings, and retirement.

Covid-19: EPFO urges its subscribers to avail various services online

"In view of government of India guidelines to contain spreading of COVID-19, Employees’ Provident Fund Organization (EPFO) advises it members, pensioners and employers to avail various online services offered by EPFO, from the comfort of their homes, and to avoid visiting EPFO offices," the Employees Provident Fund Organisation said in a statement on Friday.

View: Govt's relief measures will help those worst affected by the lockdown, but will it do the trick?

Some very hard choices lie ahead for the finance minister-led economic response taskforce.

PM Garib Kalyan Yojna: India begins virus battle with Rs 1.70 lakh crore plan

Under the PM Garib Kalyan Ann Yojana, 80 crore poor people, covering about two-thirds of the country’s population, will get 5 kg rice or wheat each month for the next three months free of charge, in addition to the 5 kg they already get. Each household will get 1 kg of dal of their choice, for next three months, also free of charge.

Labour ministry keen to retain 8.65% interest rate on EPF deposits for 2019-20

Speculations are rife that the interest rate on EPF may be lowered to 8.5% for the current fiscal, a tad lower than 8.65% provided for 2018-19. As per sources, the agenda for the CBT meeting has not yet been finalised and it is difficult to predict EPFO's income projections for the current fiscal, which will be the basis for fixing the rate.

Income tax benefits on EPF contributions: New vs existing tax regime

In the new tax regime, the tax benefit available on employee's own contribution to EPF account is impacted.

Day 2 of lockdown: A Rs 1.7 lakh cr injection

After first easing tax deadlines and business regulations, Finance Minister Nirmala Sitharaman announced a Rs 1.7 lakh crore relief package for the poor today. India's case count spiked to 650, with 13 casualties being reported so far.

Budget 2020 may tax employer's excess contribution to EPF, NPS twice

The budget proposal was made to restrict the tax-exempt contribution by employer to EPF, NPS and superannuation fund to Rs 7.5 lakh in an FY. However, this proposal is leading to double taxation of excess contribution in the hands of an employee.

Family finance: Aggressive saving by Patil will help him achieve goals with ease

Patil's portfolio includes cash of Rs 1 lakh, debt worth Rs 35.8 lakh in the form of FDs, PPF and EPF, and equity worth Rs 20.2 lakh in the form of mutual funds and stocks. His goals include building an emergency corpus, buying a house, etc.

Maximise returns from EPF, NPS for a financially secure retirement

EPF and NPS are critical pillars of your retirement planning. Tune in as ET's Sanket Dhanorkar talks about the changing retirement landscape and find out how you can make the most of these two instruments to ensure that your golden years are secure. Watch now. (Text: ET Bureau)Maximise returns from EPF, NPS for a financially secure retirement

I have saved Rs 20,000 from my pocket money. How can I grow this money in 10 years?

You can invest in mutual funds, preferably as SIPs over the next few months. You can keep topping up your investment every time you have funds to spare. You can start a SIP with you as the sole account holder represented by your parent or guardian.

When can you prematurely withdraw from EPF?

You may make early withdrawals from your EPF under certain scenarios. If at all there is an emergency and you need the funds, here is all you need to know about the specific conditions when you can withdraw from your PF.

When does your EPF become taxable?

How much you withdraw and when you withdraw from the Employee’s Provident Fund determines how much TDS will be levied on the same. Here are five common scenarios and the tax implications on them.

How to save tax without fresh investments in FY 2019-20

A taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. For such taxpayers, there are certain expenditures, which are also eligible for a tax deduction in the financial year 2019-20.

Retirement planning: How to maximise returns from EPF, NPS investments

In the dynamic retirement landscape, EPF and NPS are critical pillars of your retirement planning.

EPFO portal: How you can log in to your account

To log in to your account on the EPFO portal, it is important that your UAN is active. Once your UAN is activated, an SMS will be sent on your mobile number containing the password to login to the EPFO portal account.

Employer's contribution to EPF, NPS over Rs 7.5 lakh proposed to be taxed

The employer's contribution over Rs 7.5 lakh in a fiscal to retirement funds is proposed to be made taxable.

Now, registration for EPFO, ESIC to be done on corporate ministry portal

"As part of the ongoing efforts to improve India’s ranking in the doing business report 2021, ministry of labour and employment has completed the reform to integrate process of registration for GST, EPFO, ESIC and profession Tax for Maharashtra with company incorporation” in tandem with the MCA," labour ministry said in a statement.

Govt plans to cut EPF contribution rate, take home pay would rise: Will employees benefit?

Currently, employee contribution to PF is 12 percent, and an equal percentage is contributed by the employer. However, the draft EPF Bill proposes to reduce the EPF rate of contribution to 10 percent, both by the employee and the employer.

EPFO adds over 7.2 m accounts in 9 months

The number of accounts added by the government-managed pension fund during April-December 2019 was higher compared with the 6,112,223 accounts added in the entire fiscal 2018-19. However, the number of new employees added in December fell marginally to 1,008,600 from 1,162,863 in November.

Now, full pension after 15 yrs of commutation post retirement

The move is expected to benefit 630,000 pensioners and substantially increase pensions for those members of the Employees Provident Fund Organisation (EPFO) who retired before September 26, 2008 and had opted for partial commutation of pension. This will benefit such employees as it will lead to restoration of full (higher) pension after 15 years.

Govt notifies higher pension for 6.3 lakh EPS pensioners who opted for commutation

As per EPS rules, an EPFO member who retired before Sept 26, 2008, could get maximum one-third of his/her pension as lump-sum i.e. commuted pension and remaining two-thirds was paid as monthly pension to an employee for his/her lifetime.

When is the Government going to respond? Businesses look for assistance as coronavirus starts hurting

With their very existence at stake, many businesses are wondering what’s taking govt so long to provide a bailout.

How Social Security Code 2019 will impact employees' gratuity, protect their EPF dues

The code provides for a uniform definition of "wages" across all legislations covered. This is aligned with the definition provided under the "Code on Wages" and proposed amendments to PF. Here's how specific provisions could benefit employees.

PF rates slashed to 7-Year Low of 8.5%

The proposed rate is 15 basis points lower than 8.65% announced for FY 2018-19. The finance ministry will have to vet the interest rate of 8.5% agreed upon by CBT before it is notified by the labour ministry.

What happens to your EPS account when you transfer your EPF account?

According to EPF rules, 8.33 percent of the employer's contribution is diverted towards EPS account.

View: EPF-linked financing, combined with a community land trust model, can complement 'housing for all'

GoI has formulated ‘Housing for all by 2022’ scheme, and set an ambitious target of building 6 crore houses.

Family finance: Aggressive investment by Shuklas will ensure they meet goals with ease

Shukla's goals include building an emergency corpus and a medical buffer for his mother, taking a vacation, buying a bigger house, saving for his children’s education and weddings, and for his retirement.

How to transfer your EPF account online

At the time of switching from the previous job to another one, an individual can transfer money from his/her old EPF account to new one online. However, there are certain conditions that an individual must satisfy while transferring money.

How to update job leaving date yourself in EPFO records online

EPFO has launched an online facility where EPF account holders can update the exit date in the records.

Incomes that are exempted under the proposed new tax regime

70 deductions will be removed in the new regime. However, there are certain incomes that are exempt.

Got EPF account related problem? Here's how to file a complaint

If you have a grievance related to your PF account like withdrawal, transfer and so on, then EPFO has a dedicated website called 'EPF I Grievance Management System' where you can file such complaints. You can also file them if you do not have UAN.

You could soon get the option to lower your EPF contribution. Should you go for it?

Financial planners say reducing contribution to the EPF will have far reaching implications for the employee.

Women need to save more as they earn less, live longer than men: Here's how to do it

To further encourage women in taking a step toward financial inclusion, ET Wealth offers solutions to the money problems they face in various facets of their lives. Here’s how women can meet challenges that affect savings and impact their financial future.

EPF scam: Former UPPCL MD AP Mishra arrested

"Mishra has been arrested... Economic Offence Wing of the state police is probing the matter and strict action will be taken against those involved in this case," Uttar Pradesh Director General of Police OP Singh told.

You can invest more than Rs 2 lakh in NPS to save even more tax

Individuals investing in National Pension System (NPS) can claim tax benefit under three sections of the income-tax Act, namely - Section 80CCD (1), 80CCD(1b) and 80CCD (2). Here's how section 80CCD (2) of the Income-tax Act can help you save tax.

Payroll data: Over 23 lakh formal jobs created in November

The government has been publishing the data on employment created in the formal sector using information on the number of subscribers who have subscribed under three major schemes, namely the Employees’ Provident Fund (EPF) Scheme, the Employees’ State Insurance (ESI) Scheme and the National Pension Scheme (NPS).

Your Aadhaar number can help you download your UAN, PPO from DigiLocker. Here's how

The Employees' Provident Fund Organisation (EPFO) announced on its Twitter handle that the Pension Payment Order (PPO) number and Universal Account Number (UAN) are now available on the government's e-locker service DigiLocker.

How to activate UAN for your EPF account

To access various services on the EPFO's member sewa portal, your UAN must be activated. Here's how to do it.

EPF Nomination Rules: Getting married makes your EPF, EPS nomination invalid

As per EPF scheme rules, once you get married the previous nomination made by you automatically becomes invalid in your PF and EPS account.

How to make nomination online in your EPF account

The e-nomination facility can be used by those account holders whose Aadhaar is linked to their EPF account and verified on the member sewa portal.

3 easy steps to choose your tax-saving investments this year

You have exactly four weeks to finalize your tax-saving investments. In case you forgot, this is the first week of March, and you have to make your investments before 31 March to claim tax deductions on them in this financial year.

For the risk-averse, NPS ticks all boxes for retirement, tax savings

NPS leads a kind of a hidden existence as a great savings option due to the lack of a sales push. Those who know about it and are confident of the knowledge they have gained themselves use it enthusiastically. Savers have to understand its utility and start using it.

Jobs are back in formal economy

Cumulatively, 2,642,549 employees were added in November under the three social security schemes of the govt as per the payroll data released by the ministry of statistics and programme implementation. While 1,162,863 net additions were in EPFO, 1433,000 people were added under the Employees’ State Insurance Scheme and 46,686 were added under the National Pension Scheme.

Smart investors' guide to ELSS mutual funds

The section 80C includes a host of options that qualify for tax deductions. That includes your Employees Provident Fund or EPF, ELSS and life insurance premium.

Family finance: Das needs to align investments with goals to reach them easily

Das has no loans and other liabilities. His other goals include building an adequate retirement corpus and enough funds to take a Rs 10 lakh foreign vacation every year after retiring. This amounts to a corpus of Rs 3.75 crore.

E-nomination facility for EPF account holders launched

A member can avail of the e-nomination facility by logging in to their account on the EPFO's member sewa portal.

Tax-exempt employer contribution to PF, NPS capped: Why high earners should opt for VPF, NPS

Till now, individuals with high basic salary could have the employer contribute up to 22% of the basic towards PF and NPS (12% and 10% ) and up to Rs 1.5 lakh to a superannuation fund and avail tax exemption on the entire amount.

Lower PF contribution may be allowed for select class of workers

A senior government official told ET that lower contribution rule under PF will not apply to all.

RSS-affiliated trade union rejects proposed EPF amendment

BMS also opposed reduction of PF contribution rate from 12% to 10% and giving arbitrary power to government to fix rates.

Akhilesh "opened gate of corruption" by okaying UPPCL EPF's investment in DHFL: UP government

Facing opposition's attack over the investment of the part of the UP power corporation employees' provident fund in DHFL, the Uttar Pradesh government sought to set the records straight, asserting that the "dubious" decision was taken by Akhilesh Yadav government in April 2014 and the process of investment was further carried forward during 2016.

Labour Ministry notifies 8.65% interest rate on EPF for 2018-19

The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts at a higher rate of 8.65 per cent for 2018-19.

Employer’s contribution to PF over Rs. 7.5 lakh set to be taxed

The provision will lead to higher tax liability on both the employee and the employer, a senior government official told ET. Another official ET spoke to said it was indeed a revenue mobilisation measure, though the proceeds would be small.

Budget 2020: FM makes entrepreneurs' lives easier with new investment clearance cell

The Department for Promotion of Industry and Internal Trade (DPIIT) plans to set up an investment clearance cell for applying for licences and incentives given by both central and state governments. Separately, it is also looking at developing a single application form for all kinds of clearances and deemed approvals.

Union Budget 2020: Four-phased one stop shop investment clearance cell proposed

She proposed to set up an Investment clearance cell “that will provide end-to-end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level.”

How long can you keep your money in EPF account after leaving your job?

Employees Provident Fund is backed by the government and offers a guaranteed rate of return. EPF account subscriber will continue to earn interest on his/her account balance till the age of 58 years even after leaving his/her employment.

8.65% interest on EPF to be notified soon: Labour Minister

In February, the Central Board of Trustees, headed by the labour minister, had decided to raise the interest rate on EPF to 8.65% for 2018-19.

Are ELSS mutual funds losing their charm?

According to AMFI data, the ELSS mutual fund category has seen net inflows worth Rs 931 crore in January 2020.

I am a single mother. How should I plan for my son’s education and my retirement?

You should consider increasing the SIP amount with a rise in income or top up with a lump sum whenever you have a surplus. Also, you should consider increasing your health insurance cover from time to time.

Income tax break that individuals can still claim in new personal income tax regime

Most of the commonly available deductions such as section 80C, 80D, standard deduction etc. have been proposed to be removed but here is one tax benefit that can still be claimed by you under the new tax regime.

Do India's Labour Code tweaks amount to reform by stealth?

Labour laws codifications has given flexibility to the govt to notify changes in labour laws as per requirement.

I quit my job to start a business. Can I keep the PF with the employer till retirement?

No TDS will be deducted but you will have to declare the interest every year as income from other sources in your tax returns and pay tax accordingly. If the company gets merged with some other company then the merging company will take care of PF.

My brother died intestate. Does his wife get a share in the property?

If the husband has left behind both a widow and lineal descendants, the wife will get one-third the share in his estate while two-thirds will go to the latter. Since the mother is also a Class I heir, she is entitled to receive equal share of property.

Govt plans to amend EPF: Allow switch from EPS to NPS, protect PF dues in case of bankruptcy

Here is a look at the three major changes proposed in the EPF Act as per the draft bill.

Am I investing in right mutual funds for my daughters’ marriage?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

Budget 2020: Simpler and lower income tax, but will it discourage savings?

The key issue that I’m personally concerned about is whether this new optional tax regime is a disincentive for savings.

EPFO's investment in ETFs at Rs 86,966 cr till September

The Employees' Provident Fund Organisation (EPFO) is investing in ETFs (Rs 86,966 crore) based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 Indices. Labour Minister Santosh Gangwar told the Lower House that the EPFO does not invest in shares and equities of individual companies.

Can you change percentage-wise allocation for nominees for your investments?

In case of demise of any one of the nominees, the account holder has the option to either appoint a new nominee or change percentage-wise allocation for the surviving nominees. The changes will be as per account holder’s discretion.

Budget 2020 should increase tax break under section 80C

Section 80C is at the core of tax-savings for all categories of individuals. Whether the individual is a government employee, privately employed or for that matter working in an NGO, use the section 80C basket to save on tax.

Do not share your personal details, bank account, UAN over phone, warns EPFO

EPFO is warning members via its website and social media handles regarding fake phone calls and is also advising them not to share personal details like PAN, Aadhaar, bank account or EPF account details like Universal Account Number (UAN).

Should I start a monthly SIP in Axis Long Term Equity Fund or multiple schemes?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

D-Street to stabilise if China markets fall less than 10% on Monday: Nilesh Shah

Global investors will be afraid of visiting China, says Nilesh Shah, MD, Kotak AMC.

What are the best investment avenues for a millennial to invest Rs 10,000 per month?

If you have a fixed timeline and wish to go with a low-risk product, then invest Rs 10000 per month in a low duration debt fund or open a recurring deposit a/c. A low duration debt fund has no exit load and the money can be withdrawn whenever needed.

Stopped working before completing 5 years? Your EPF could be taxable

The taxation is triggered in the year of withdrawal; however, the tax is computed as per the mechanism laid down in Rule 9 of the Fourth Schedule to the Act.

How investing in NPS can help you save tax

Although the National Pension System comes with exempt-exempt-exempt (EEE) tax status, there is a catch.

How to download your EPF passbook

The EPF statement also shows the total corpus that has been accumulated through contributions made you and your employer.

Budget 2020: New income tax regime saves hassle, but not much money

The new system is optional and will co-exist with the old one with 3 slabs and all exemptions and deductions.

EPFO to focus on subscribers' convenience, ease of doing business through digital tools in 2020

Employees' Provident Fund Organisation (EPFO) is undertaking several digital initiatives including online Universal Account Number (UAN) generation facility for subscribers and e-inspection system for employers.

Family finance: Prabhakaran should stagger primary financial goals to achieve them with ease

Hyderabad-based Pradeep Prabhakaran has financial goals which include building an emergency corpus, buying a house, saving for the child’s education and wedding, and his own retirement. Here's the plan that the financial planner has made for him.

Finance Ministry ratifies 8.65% interest on EPF for 2018-19

Earlier in February, the Central Board of Trustees had decided to raise the interest rate on EPF to 8.65 per cent for 2018-19.

How much should I invest for next 25 years to create a retirement corpus of Rs 2 crore?

Do not set a target without assessing what your cost of living will be. You may need a higher corpus based on your living expenses later. Invest in EPF/PPF/NPS to the extent allowed for a tax deduction.

RSS-affiliate BMS presses for further scrutiny of Social Security Code Bill

According to BMS, since the code continues to retain the threshold under each legislation including the provident fund, employees’ state insurance, gratuity and maternity benefits, it will not benefit the entire 500 million workforce of the country. "Main concern that remains in the Code is the lack of its universal character," it said.

Investors better off ignoring what’s happening in market: Dhirendra Kumar

A 10% capital gains tax does not change the equation or the case for equity in the long-term. A poor market should not guide you to be investing in fixed income just because the last 1-2 years have been disappointing. If you are guided by those broad principles, most investors will be better off ignoring everything happening in the market.

EPF transfer on job change to become automated from next fiscal

EPFO subscribers won't require to file provident fund claims from next fiscal when they change jobs.

Didn't transfer power employees' PF to DHFL: Akhilesh

Samajwadi Party chief Akhilesh Yadav denied the allegations that put him under scanner for transferring UP power employees' provident fund to scam-hit housing finance company DHFL. Over Rs 2,600 crore of the state power employees' provident fund was reportedly invested in the scam-hit DHFL, prompting the state government to order a CBI probe

The next booster shot to revive economy may not be far away

Going by what the indicators are showing so far, third quarter doesn't hold any hopes of revival.

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