Maintaining a balance in an Employment Provident Fund (EPF) account is a strategic financial move for employees, providing numerous benefits that extend beyond simple savings. The Employees Provident Fund (EPF) is a popular savings scheme administered by the EPFO under the oversight of the Government of India. Both the employee and employer contribute 12% of … Read more
Surabhi Returns on provident fund contributions are likely to remain close to the 8.25% interest rate announced for last fiscal with a downward revision of a few basis points likely. The Central Board of Trustees of the Employees’ Provident Fund Organisation is set to meet on February 28 to discuss the interest rate on provident … Read more
Query: I strongly believe in the benefits of SIP and SWP. Currently, I am investing Rs 10,000 per month and expecting a return of 12% per annum. My plan is to continue this investment for the next 20 years, with an annual increase of 10%. I am 40 years old and am considering this approach … Read more
Tax savings tools: Finance Minister Nirmala Sitharaman announced several changes that brought cheer to the middle class. From raising the limit of rebate from Rs 7 lakh to Rs 12 lakh under the New Tax Regime (NTR), FM Sitharaman tweaked the tax slabs in a manner that would benefit taxpayers in higher salary brackets as … Read more
EPFO Top things you must know about the upcoming launch Source link
Union Labour Minister Mansukh Mandaviya announced that the Employees Provident Fund Organisation (EPFO) is set to introduce its advanced software system, EPFO 3.0, by June this year. Speaking to reporters on Thursday, Mandaviya said that the new system will offer a level of efficiency comparable to the banking systems in the nation, with a more … Read more
EPS pensioners: Beginning January 1, 2025, retired individuals covered under the Employees’ Pension Scheme (EPS), 1995, will be able to conveniently access their pension funds from any bank branch located in India. In this regard, the Centre informed that EPFO has completed full scale rollout of the new Centralized Pension Payments System (CPPS) under Employees’ Pension … Read more
EPFO Update: Starting in early 2023, EPFO subscribers will have the convenience of withdrawing their PF savings directly from ATMs. Labour Ministry Secretary Sumita Dawra said the Labour Ministry is currently improving its IT systems to provide better services to workers in India. As a result, EPFO subscribers will be able to access their provident … Read more
In a surprise decision, the Karnataka High Court recently struck down provisions relating to International Workers, introduced in October 2008, as unconstitutional and arbitrary. The International Worker (IW) provisions were introduced by the Central Government vide the Employees’ Provident Funds Scheme, 1952 (‘EPF Scheme’) and the Employees’ Pension Scheme, 1995. As per these provisions, a foreign … Read more
The Universal Account Number (‘UAN’) is a unique 12-digit number that is given to each member of the Employees’ Provident Fund Organization (EPFO). Through the UAN, PF members can easily manage their accounts. Ideally, a member should have only one UAN which can be used throughout their tenure. Radhika Viswanathan, Executive Director, Deloitte Haskins & … Read more