New Wage Code: In the new wage code, it has been said that the basic salary of the employee will not be less than 50 percent of his CTC. This will also affect the amount of EPF (Employees Provident Fund) of the employee. Bo formal announcement has been made by the central government about it so far. However,… Read More »
Among the most trustworthy schemes to invest in for salaried employees, the Employee Provident Fund (EPF) offers a number of benefits. EPF offers various schemes to account holders and one such scheme which does not even require you to pay any premium amount, assures life insurance benefits to the tune of Rs 7 lakh. This scheme from EPFO… Read More »
Good news for EPF subscribers, as cover limit for wages to be raised from ₹ 15,000 to ₹21,000 The government is planning to increase the mandatory ceiling for Employees’ Provident Fund to ₹21,000. While the wage limit right now is ₹15,000. With this step taken by EPFO the annual Employees Pension Scheme (EPS) outflow will raise by 50%.… Read More »
EPFO is Likely to Reduce Provident Fund Contributions to 10% Presently Employer and Employee contributes 12% of basic salary towards EPF (Employee provident Fund). This fund is invested in EPF (Employee provident Fund), EPS (Employee Pension Scheme) and EDLI (Employee Deposit Linked Insurance Scheme). Now the EPFO is planning to reduce the mandatory contribution towards EPF by 2%… Read More »
New Interest Rate of 8.95% The proposal of 8.95% interest rate on Provident Fund retirement savings was sent by the F&I Panel of the EPFO under its estimate for financial year 2015-16. Last year, the interest rate of 8.75% for 2014-15 was provided by EPFO. As per the latest proposal of interest rate increment, the Union Finance Ministry… Read More »
Bhavishya Nidhi Lok Adalat All Regional and sub Regional offices of EPFO, in Delhi conduct a “Bhavishya Nidhi Lok Adalat” service on 10th of every month for quick resolution. If 10th of any month is a holiday, the Lok Adalat will be conducted on the next working day. Various kinds of PF related issues or grievances of subscribers… Read More »
There are many situations when you want to withdraw funds from EPF account, but your employer does not cooperate. In those situations there are some possible ways by which you can withdraw your Provident Fund without consent of your employer. Reasons Why Employer may not sign your EPF Withdrawal Forms Company for which you served is closed. When… Read More »
The Employee Provident Fund (EPF) is one of the national investment opportunities for salaried people. A small faction of your salary is deposited in EPF account and the same amount will be deducted from your employer in every month. The PF Contribution Amount by Employee and Employer is maintained by the EPFO department (Employees Provident Find Organization), controlled… Read More »
EPF Increases maximum insurance cover for subscribers from ₹ 3.6 lakh to ₹ 6 lakh! Employees Provident Fund Organisation increased maximum insurance cover for EPF beneficiaries from ₹ 3.6 lakh to ₹ 6 lakh. It will benefit more than 4 crore EPF beneficiaries. This insurance life cover is paid to family of EPF subscriber on his death. It… Read More »
According to latest survey on Employee Provident Fund Organization (EPFO) and National Pension System (NPS), it is seen that NPS has been providing more benefits since last few years. The return amount from NPS is 20% against 8.75% of EPFO. Since long time EPFO has been implementing monopoly rules and regulations, but benefits from NPS bring them under… Read More »
PF amount withdrawal is a profitable opportunity for Employees as the PF withdrawal amount includes Employees contribution, Employer’s contribution as well as interest accrued on last balance amount. And now a day, employees are withdrawing the entire PF amount immediately after 2 months of leaving the company job and also he/she has to show proof. But Govt. has… Read More »
The employees, who have been contributing towards EPF account from their salary, may need to withdraw amount after leaving the job. If the employee withdraw EPF amount on or after 5 years and the total withdrawal is less than 30,000 INR, then there will be no TDS deduction on that money. But, if the employee withdraw EPF amount… Read More »
When you get your salary for the month, a small portion of that sum does get deducted for Employee Provident Fund (EPF) in addition to other taxes. However, the EPF organization has recently announced certain changes that will impact these savings. In his budget speech, the finance minister made a few proposals which were related to EPF. The… Read More »
The government may be fostering notions of tax terrorism among foreign investors while also projecting a poor stand to fend off allegation, there is a clause in the Finance Bill which can undo all the work they set out to achieve. The clause can affect the retirement savings of workers by bringing it under the income tax net,… Read More »
For millions of Indians whose EPF contributions from their monthly salaries are intended for their retirement savings, Finance Minister Arun Jaitley’s proposal to appropriate unclaimed deposits from the EPF and PPF scheme is a certain cause for concern. In his first full Budget Arun Jaitley has proposed to commandeer as much as Rs. 6,000 crores arising from EPF’s… Read More »
