EPFO mulls increasing equity exposure limit to 25% days after cut in interest rate
Business | June 07, 2022 8:58 ISTEPF Interest Rate: It was in 2015 when the EPFO was first allowed to start investing in equities, but with a limit.
EPF Interest Rate: It was in 2015 when the EPFO was first allowed to start investing in equities, but with a limit.
EPF Interest Rate: Contributions towards EPF accounts are done by the employee and the employer as well. The employer deposits the amount into the EPF account of employees directly on a monthly basis.
Earlier in March this year, the Employees' Provident Fund Organisation (EPFO) had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21.
The Employees Provident Fund Organisation (EPFO) on Saturday decided to lower the interest on provident fund deposits for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent provided in 2020-21.
Interest rate on employees' provident fund deposits on Saturday was proposed to be cut to a four-decade low of 8.1 per cent for the current 2021-22 fiscal from 8.5 per cent in the previous year.
The Employees' Provident Fund Organisation's (EPFO's) apex decision making body Central Board of Trustees has decided to provide 8.1 per cent rate of interest on Employees Provident Fund (EPF) for 2021-22 in its meeting held on Saturday, sources said.
Asked whether EPFO would maintain the 8.5 per cent interest rate for 2021-22 as decided for 2020-21, Yadav, who also heads the CBT, said the decision would be taken on the basis of income projection for the financial year.
Of the total 14.81 lakh net subscribers, around 9.19 lakh new members have come under the social security ambit of EPFO for the first time.
PF Income Tax Section, PF Interest Taxable: PF accounts will be split into two separate accounts. Tax will be collected from employees' contributions exceeding Rs 2.5 lakh per year in the taxable account.
Amid reports of a "massive outage" in the IT system at UIDAI over the past week, the government on Saturday clarified that all the services were "stable" and "functioning fine".
The Employees’ Provident Fund Organization (EPFO) has made it mandatory for its subscribers to link Aadhaar Card with PF UAN (universal account number) to continue receiving funds in their PF accounts from the employers and other benefits.
The EPFO had directed that PF returns shall be allowed to be filed only for those members whose Aadhaar numbers are seeded and verified with the UAN, with effect from June 1, 2021.
Members, who have already availed of the first COVID-19 advance, can also opt for a second advance now. The provision and process for withdrawal of the second COVID-19 advance remain the same as in the case of the first advance.
Total withdrawals from EPF account in April-December 2020 rose to Rs 73,498 crore from Rs 55,125 crore in the corresponding period year ago.
The Employees' Provident Fund Organisation's (EPFO) apex decision-making body Central Board of Trustees decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said.
Retirement fund body EPFO is likely to announce the rate of interest on provident fund deposits for the financial year 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
Provisional payroll data released by the Employees' Provident Fund Organisation (EPFO) last month had shown that net new enrolments were at 11.
In what comes as pleasant news with the beginning of 2021, retirement fund body EPFO on Thursday began crediting 8.5 percent rate of interest on employees' provident fund (EPF) for 2019-20 for its over six crore members.
A highly placed source told PTI that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20 earlier this month.
The Employees' Provident Fund Organisation (EPFO) has extended the deadline for submission of life certificates by pensioners till February 28, a move which would benefit over 35 lakh persons who could not submit the document by November due to coronavirus pandemic.
Top News
Latest News
