Government raises provident fund interest rate to 8.8% for 2015-16 In the third roll-back in two months, the government today raised the interest rate on employee provident fund (EPF) contributions to 8.8 per cent for 2015-16 against 8.7 per cent approved by the Finance Ministry last week. Labour Minister Bandaru Dattatreya announced the decision to raise interest rate on … [Read more...] about Government raises provident fund interest rate to 8.8% for 2015-16
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EPF
New EPF Rules to Come into Force after April 30
New EPF Rules to Come into Force after April 30 On Feb 10, 2016, the ministry of labour and employment made sweeping changes in the EPF rules restricting the withdrawal of EPF corpus. EPFO rules restricting withdrawal of employees’ provident fund will come into force after April 30. New EPF Rules to Come into Force after April 30 – The government has deferred the … [Read more...] about New EPF Rules to Come into Force after April 30
Organizational Restructuring of EPFO Approved to Address Career Progression of Over 20000 Officials
Organizational Restructuring of EPFO Approved to Address Career Progression of Over 20000 Officials Inoperative EPF Accounts that Stopped Earning Interest in 2011, Now to Earn Interest W.E.F. 01.04.2016 Software Module for Disbursal of Salaries to EPFO Launched EPFO’s highest decision making body, the Central Board of Trustees methere last evening . This was its 212th … [Read more...] about Organizational Restructuring of EPFO Approved to Address Career Progression of Over 20000 Officials
EPF Tax Withdrawn – How the Controversy Rendered NPS more Attractive
Under NPS, only 60 per cent of the corpus can be withdrawn as lump sum. Now, there is no tax on the 40 per cent. And if the person decides to invest the remaining 20 per cent also in annuity, there would be no tax on withdrawal. EPF Tax Withdrawn – How the Controversy Rendered NPS more Attractive – Finance minister Arun Jaitley on Tuesday withdrew the controversial tax on … [Read more...] about EPF Tax Withdrawn – How the Controversy Rendered NPS more Attractive
Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia
Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia Union Revenue Secretary Hasmukh Adhia today defended the proposal to tax Employee’s Provident Fund withdrawals, saying the intention was only to encourage investment in pension schemes, but the phrasing in the Budget speech caused the confusion. “The entire thing happened not … [Read more...] about Confusion on EPF due to bad phrasing in Budget speech: Union Revenue Secretary Hasmukh Adhia
Online petition against retirement tax goes viral
Online petition against retirement tax goes viral An online petition against retirement tax has gone viral on social media with nearly 3,000 signups seeking urgent and immediate withdrawal of Provident Fund Tax just a day after it was announced in the Budget. The petition was started by a finance professional from Gurgaon, Vaibhav Aggarwal, and nearly 3,000 people have … [Read more...] about Online petition against retirement tax goes viral
Measures for moving towards a pensioned society
Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme(NPS). In case of … [Read more...] about Measures for moving towards a pensioned society
Budget 2016 – High Chances of Boost in Take Home Salary
“We are in favour of waiving the employees’ contribution altogether up to a certain level of income. This will boost the take-home salary of such employees rather than force them to park so much of their monthly income into their EPF account for retirement,” said the official. Budget 2016 – High Chances of Boost in Take Home Salary – An analyst said this could also help … [Read more...] about Budget 2016 – High Chances of Boost in Take Home Salary
Employees can withdraw EPF money without employers permission
Now, employees can withdraw EPF money without employers’ permit Employees can avail the benefit if details such as Aadhaar number and bank account number have been linked to the EPF UAN and their KYC verification has been done by the employer New Delhi: Employees will no longer need the approval of their employers to withdraw money from their Employees Provident Fund (EPF) … [Read more...] about Employees can withdraw EPF money without employers permission
Increasing Pension Limits Under Employees Pension Scheme
Increasing Pension Limits Under Employees Pension Scheme Ministry of Labour & Employment 09-March, 2015 15:00 IST The Government is not considering to enhance the age limit for Employees Pension Scheme (EPS).The Pension implementation Committee (PIC) has recommended to increase the short service pension entitlement age from 50 years to 55 years. The proposal is under … [Read more...] about Increasing Pension Limits Under Employees Pension Scheme
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