Clean up the employees’ pension scheme Though a majority of organised workers are covered under the Employees’ Pension Scheme (EPS) 1995, there is still very low transparency level. Many readers might not have even heard about it because EPS is not a separate scheme. It is just an add-on to the Employee Provident Fund (EPF) scheme and all EPF members also automatically become … [Read more...] about Clean up the employees’ pension scheme
Restriction on EPF withdrawal As per extant rules governing the withdrawal of Employer’s contribution from the Employees Provident Fund Scheme, a member can withdraw both the employer’s share of contribution and his own share under the following circumstances: - (i) On retirement from service after attaining the age of 55 years. (ii) On retirement on account of … [Read more...] about Restriction on EPF withdrawal.
Employees Contributions to EPF As per the Audited Consolidated Annual Accounts of Employees’ Provident Fund Organization (EPFO) for the year 2014-15, the closing balance of Funds managed by EPFO is Rs. 6,34,174.33 crore. Regarding EPFO being the eleventh largest pension fund in the world, no such information is available with EPFO. The fresh accruals in 2015-16 in the … [Read more...] about Employees Contributions to EPF
Finance Ministry approves 8.7% interest on EPF for 2015-16. NEW DELHI: The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT). "The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has proposed an interim … [Read more...] about Finance Ministry approves 8.7% interest on EPF for 2015-16.
PF withdrawal rules - Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it was … [Read more...] about PF withdrawal rules – Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect
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
Employees may earn interest on inoperative EPF savings account Central board of trustees will review a decision which prevented inoperative employees provident fund accounts from earning interest. New Delhi: Millions of organized sector employees may start receiving interest payments on their inoperative employees provident fund (EPF) savings. The central board of trustees … [Read more...] about Employees may earn interest on inoperative EPF savings account
EPF tax may return in new packaging Government looks for ways to mitigate backlash, may apply levy on people earning above a certain base. New Delhi: The controversy over it may have settled down for now, but the employees’ provident fund (EPF) tax will likely return with a different name and approach. The central government is now figuring out the mechanics of levying the … [Read more...] about EPF tax may return in new packaging
Government may restore some tax benefits on EPF NEW DELHI: The government is set to restore some of the tax benefits on Employees Provident Fund (EPF) as early as Tuesday. The Budget has proposed to tax 60% of the EPF corpus at the time of withdrawal, but deposits made up to March 31, 2016 would be exempted from the proposed levy. The government is considering several … [Read more...] about Government may restore some tax benefits on EPF