The Employees’ Provident Fund Organisation (EPFO) has recently increased the existing eligibility limit of auto claim settlements under Paragraph 68J to Rs 1 lakh from Rs 50,000 before this. The Paragraph 68J allows an EPF contributor to apply for an advance for self and dependents’ medical expenses. EPFO members are permitted to seek an advance … Read more
I am 41 years old and want to retire by age 55. My current savings are Rs 30 lakh in EPF, Rs 30 lakh in equity, and Rs 8.25 lakh in NPS. The investment I do as follows 1. PF – Rs 41,250 by the employer and same contribution by me as well which combined … Read more
The Employees Provident Fund (EPF) investment is a retirement savings scheme. However, its contributions offer several tax benefits, making it an effective tool for saving on taxes. Contributing a portion of your salary to the EPF account every month allows you to enjoy multiple tax benefits and ensure a financially secure future. Investing in EPF … Read more
Merging multiple Employees’ Provident Fund (EPF) accounts and withdrawing your money can often feel daunting, given the bureaucratic procedures involved. However, thanks to online advancements, it’s now significantly simpler. Here’s how to consolidate your EPF accounts and claim the funds: Launching the EPFO’s online portal should be your first step. Once there, use your Universal … Read more
The Public Provident Fund (PPF) is one of the most popular investment schemes. The government backs it and offers attractive interest rates along with tax benefits. However, maintaining a PPF account requires compliance with certain norms to avoid penalties. Below are some useful tips on how to avoid penalties on your PPF account. First, to … Read more
The Employee Provident Fund (EPF) is a government-backed scheme that aims to provide social security to salaried individuals after retirement. When changing jobs, you can transfer your EPF from your existing employer to your new one. But, if you want to withdraw your EPF after leaving a job, you must wait for two months to … Read more
The EPF rate for 2021-22 was declared at 8.1%, the lowest level since 1977-78, in March 2022 and was approved by the Finance Ministry in June. File | Photo Credit: The Hindu Nearly two years after the Budget 2021-22 introduced a tax on annual Employees’ Provident Fund (EPF) contributions of over ₹2.5 lakh, implementation challenges continue to … Read more
A high-level committee has backed a proposed increase in wage ceiling under the Employees’ Provident Fund Organisation (EPFO) to ₹21,000 a month from the current ₹15,000. The committee has, however, said the government can implement the increase from a later date considering all inputs. The proposal, once implemented, will bring an estimated 7.5 million additional … Read more
Maharashtra has topped the list of states with maximum number of beneficiaries under the Atmanirbhar Bharat Rozgar Yojana followed by Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh, Rameswar Teli, minister of state for labour and employment said. The total beneficiaries under the scheme stands at 3.97 million spread across 0.11 million establishments and the total … Read more
(This story originally appeared in on Feb 05, 2021) New Delhi: Amid criticism over the proposed tax changes for those contributing over Rs 2.5 lakh annually towards provident fund (PF), the government on Thursday said 1.2 lakh subscribers — which is less than 0.3% of the 4.5-crore base — were contributing “huge sums”. Official sources … Read more