Budget announcements included amendments to provide relief to salaried taxpayers withdrawing their provident fund balance or receiving leave encashment from their employers.
Employees have started receiving interest for 2021-22 in their PF accounts. Check your balance online to know if your account is updated with the interest.
If there is a delay in crediting interest by, say, four months every year, over a work career spanning 25 years, it implies that for 100 months the interest on balances was not earned, which reduces retirement income.
Provident fund contribution for employees whose basic wage is over Rs 15,000 could remain unchanged, say experts
Employees contributing over Rs 2.5 lakh to their EPF account will feel the pinch of tax on interest on the excess amount this year, as the rules will be implemented when EPFO credits interest for FY 2021-22.
EPFO sold its investments under an accounting rule called FIFO and has garnered Rs 5,529 crore of capital gains. It will use it for FY22 interest rate calculation. EPF interest rate for the 2021-22 financial year will be announced on March 12.
your pension gives you a margin of safety but if you want to maintain quality of life and truly enjoy retirement, you need to think beyond safe investments
According to the recent tweet by EPFO's official Twitter account a Private sector pensioner will have to submit their Jeevan Pramaan Patra on or before the last date when he or she had submitted a year ago.
The data reflects a growing trend in net payroll for the first six months of the current financial year except in May, when the nation was reeling under the second wave of COVID-19.
Last week, the finance ministry approved the interest rate of 8.5 percent for 2020-21, almost eight months after the CBT had recommended it.
The board of retirement fund body Employees Provident Fund Organisation had recommended an 8.5 percent interest rate for FY21.
The transactions were carried out between March 2020 and June 2021 when the “mastermind” of the scam is Chandan Kumar Sinha, a 37-year-old clerk at the EPFO’s Kandivali office allegedly used 817 bank accounts, mostly of migrant workers to fraudulently withdraw Rs 21.5 crores, the report added.
The new EPFO circular outlines the treatment conditions under which it will be given and defines the ambit within which the medical advance falls. Covid-19 related treatments has recently been included in the list.
As per law, all businesses which have more than 20 employees on their roll are mandated to enroll under Employee Provident Fund Organisation (EPFO).
While the EPFO may continue investing in equities, the objective of enhancing replacement rate upon retirement would be seldom met unless liability side reforms are carried out
Moneycontrol takes a deeper dive into the EPFO and its schemes, and explores what does it do and what its benefits are.
Gains from ETF sales stood at around Rs 3,000 crore which helped the government meet FY20 EPF rate of 8.5 percent. The 8.5% interest would comprise 8.15% from debt income and balance 0.35% (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020.
As per the new definition of wages under the Code on Wages, 2019, the government has put a cap on the allowances at 50 percent of the total compensation. The experts, therefore, say this will entail higher costs for employers and a lower take home pay for employees.
The EPFO has added 14.90 lakh net subscribers in the month of September 2020, thereby increasing its subscriber base by around 30.92 lakh during the first two.
The speed with which applications have been processed in the time of this pandemic stands as testimony
"Employees Provident Fund Organisation (EPFO) has processed about 1.37 lakh claims across the country disbursing an amount of Rs 279.65 crore under a new provision especially formulated by amending the EPF Scheme to help subscribers fight Covid-19," a labour ministry statement said.
This decision will help to all those EPF subscribers who may face a pay cut, or run short of money amid nationwide lockdown till April 14.
Economic compulsions demand that the PF custodian explores ways to maximise returns on investment
The organisation is reportedly looking to make up for low investment yields
Earnings from long-term fixed deposits, bonds and G-Secs fell 50-80 bps over the past year and the retirement fund body may thus find it difficult to keep rates unchanged this fiscal