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
Budget 2025: The recent announcement of a Nil tax rate for individuals with taxable income of up to Rs 12 lakh in the fiscal year 2025-26 has been met with enthusiasm by those within this income bracket. Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to guarantee … Read more
The Centre will be implementing the Unified Pension Scheme as an alternative within the National Pension System for Central Government employees already enrolled in the system. The Centre introduced the Unified Pension Scheme (UPS) for central government employees last year, combining elements from both the Old Pension Scheme (OPS) and the National Pension System (NPS). … Read more
The newest pension scheme for the government employees — Unified Pension Scheme’s primary objective is to consolidate various pension systems existing in the country into a unified framework. The initiative serves as a clear demonstration of PM Narendra Modi’s steadfast dedication to driving reform efforts that promote sustainable fiscal practices and safeguard the welfare of … Read more
Unified Pension System: The Narendra Modi-led government has approved a new pension scheme, the Unified Pension Scheme, which will come into effect in the next fiscal year, i.e. FY2025-26. After facing much criticism for removing the Old Pension Scheme, the NDA government has introduced the Unified Pension Scheme, which amalgamates the advantages of the previous … Read more
Income tax returns 2024: Filing annual income tax returns are must for all Indian citizens. Employees while retiring have to pay taxes on pension, gratuity and employee provident fund. In India, employers provide various retirement benefits to employees. The most common retirement benefits offered by employers in India include pension, the Employee Provident Fund (EPF) … Read more
The Comptroller Auditor General (CAG) has suggested the government to put in place a foolproof system to ensure all nodal offices and eligible employees are registered under the National Pension System (NPS). “There was no assurance that all nodal offices and 100% of eligible employees were covered under NPS, even after 15 years of implementation,” … Read more