30 lakh to benefit from new EPF limit The move will help 1.2 crore people who will now be eligible for health care benefits. The Centre's move to increase the wage ceiling for employee coverage under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, to Rs 25,000 per month from the existing Rs 15,000 per month limit is expected to benefit a larger … [Read more...] about 30 lakh to benefit from new EPF limit
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EPF
After 7th Pay Commission salary hikes, move on to raise minimum wage ceiling under EPF
After 7th Pay Commission salary hikes, move on to raise minimum wage ceiling under EPF The minimum wage ceiling under the Employees' Provident Fund (EPF) could soon be raised to Rs 25,000 from the existing Rs 15,000. A hike in the wage limit as proposed would mean all employees drawing basic salary Rs 25,000 would have to compulsorily contribute to the provident … [Read more...] about After 7th Pay Commission salary hikes, move on to raise minimum wage ceiling under EPF
Central Board of Trustees recommends 8.65% interest on EPF
Press Information Bureau Government of India Ministry of Labour & Employment 19-December-2016 16:54 IST Shri Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17 The Minister of State for Labour and Employment (Independent Charge) Shri Bandaru Dattatreya … [Read more...] about Central Board of Trustees recommends 8.65% interest on EPF
Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement
Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement Payment of Statutory Contributions Henceforth only through Internet Banking The Prime Minister of India during the PRAGATI review meeting held on 26th October desired that claims related to death cases be prioritized and expedited and retirement claims … [Read more...] about Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement
7th Pay Commission – Employees Provident Fund may be raised to Rs 25,000
7th Pay Commission - Employees Provident Fund may be raised to Rs 25,000 Under the 7th Pay Commission minimum wage ceiling the Employees Provident Fund (EPF) is likely to raise to Rs 25,000 from the existing Rs 15,000. The proposal drafted by Employees’ Provident Fund Organisation (EPFO) will be sent to the Union Government which is likely to be approved, the report … [Read more...] about 7th Pay Commission – Employees Provident Fund may be raised to Rs 25,000
Centre to Raise EPF Equity Exposure to 10 Percent
Centre to Raise EPF Equity Exposure to 10 Percent : The proposal to hike the exposure to equities was discussed with the EPFO s central board of trustees twice in recent months. One in every ten rupees parked in your provident fund would now be invested on Dalal Street, with the government deciding to double EPF savings’ exposure to equities from the present level of 5 per … [Read more...] about Centre to Raise EPF Equity Exposure to 10 Percent
Clean up the employees pension scheme
Clean up the employees’ pension scheme Though a majority of organised workers are covered under the Employees’ Pension Scheme (EPS) 1995, there is still very low transparency level. Many readers might not have even heard about it because EPS is not a separate scheme. It is just an add-on to the Employee Provident Fund (EPF) scheme and all EPF members also … [Read more...] about Clean up the employees pension scheme
Unions walk out of EPF Trustees Meeting
Unions walk out of EPF Trustees Meeting Unions walk out of EPF Trustees Meeting – “There is nothing such as unclaimed EPF money and the notification is illegal,” said AITUC secretary DL Sachdev. Central trade union leaders on Tuesday walked out from the Employees’ Provident Fund Organisation (EPFO)’s central board of trustees meeting protesting a Finance Ministry … [Read more...] about Unions walk out of EPF Trustees Meeting
NPS Subscription earns double digit yearly returns for the past 5 years
The average NPS fund has given 100-125 basis points more than what the retirement savings of the estimated 3.7 crore EPF subscribers have earned during this period. NPS Subscription earns double digit yearly returns for the past 5 years which comparatively higher than EPF interest rates – Central and state government employees covered by the scheme earned between 9.3% and … [Read more...] about NPS Subscription earns double digit yearly returns for the past 5 years
Restriction on EPF withdrawal
Restriction on EPF withdrawalAs per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: - (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on account of permanent … [Read more...] about Restriction on EPF withdrawal
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