The labour ministry is keen to retain an interest rate of 8.65 per cent paid on provident fund deposits to around six crore subscribers of retirement fund body EPFO for the current financial year, a source said.
PF Money: The Employees' Provident Fund Organisation (EPFO) is considering a cut of 15 basis points in the interest rate on PF deposits in FY20 to 8.5%. The issue is expected to be taken up at the central board of trustees (CBT) meeting of the EPFO slated for March 5.
Under the new rules, the amount in PPF account will not be liable to attachment under any order or decree of any court in respect of any debt or liability incurred by the account holder.
Employees of the Uttar Pradesh Power Corporation Limited (UPPCL), on Monday, proceeded on a two-day work boycott to protest against the provident fund scam in which their money was invested in the tainted Dewan Housing and Finance Corporation Limited (DHFL).
The employee has to contribute 12% of the sum of basic salary, dearness allowance and retaining allowance under the EPF scheme.
The Employees' Provident Fund Organisation (EPF0) has begun crediting interest to provident fund accounts. It is learnt that several PF account holders have already received interest credit of 8.65 per cent for the financial year 2018-2019 ahead of Diwali. You can check your PF/Provident Fund balance using UMANG App, SMS, EPF portal or by just giving a missed call.
Provident Fund subscribers alert: The Employees' Provident Fund Organisation (EPFO) announced a big bonanza for around 6 crore employees. Union Labour Minister Santosh Gangwar announced the decision which said EPFO would now provide an 8.65 per cent interest rate on employees provident fund (EPF) for 2018-19 before Diwali festival.
EPF users alert: Government of India has finally made it official that crores of beneficiaries of Employee Provident Fund (EPF) would get an increase in the interest rate for their provident fund money. Union Labour Minister Santosh Gangwar announced the decision on Tuesday which said EPFO would now provide a 8.65 per cent interest rate on employees provident fund for 2018-19.
EPFO Notification: There is good news ahead of the festive season, for all the employees who are linked with the Employees’ Provident Fund Organisation (EPFO). The EPFO employees are entitled to receive the interest amount ahead of Dussehra and Diwali festivals.
The government on Thursday approved 8.65 per cent interest rate on employees provident fund for 2018-19, news agency PTI quoted sources as saying. Over 6 crore EPFO subscribers are set to benefit with this move. Amounts will be credited to the accounts of these EPFO members.
The labour ministry will soon notify 8.65 per cent rate of interest on Employees' Provident Fund (EPF) for 2018-19, said Labour Minister Santosh Gangwar on Friday. He also added that the finance ministry does not disagree on this rate.
In a move that will benefit as many as 6.3 lakh pensioners under the Employees Pension Scheme, the commuted value of pension after 15 years of drawing commutation will be restored. The Central Board of Trustees (CBT), the apex policy making body of the pension scheme, approved the proposal to recommend an amendment in the Employees Pension Scheme (EPS) 1995 for restoration of commuted value of pension to pensioners after 15 years of drawing commutation. This comes as a big relief as it was a long-pending demand of the pensioners. But how will it benefit lakhs of pensioners? Here's an insight.
Provident fund (PF) or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment. EPF is also called the Employee Provident Fund Scheme.
The EPFO has changed the rule of the withdrawal of the provident fund online. Provident fund or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment.
The total backlog or outstanding provident fund dues of the Employees' Provident Fund Organisation (EPFO) during 2018-19 was Rs 791.63 crore, Labour Minister Santosh Gangwar said in a written reply to the Rajya Sabha.
As an employee and a member of the Employees' Provident Fund Organisation (EPFO), you don't have to wait for your employer to share your PF statement at the end of the year to know the balance.
The department has attached the office of Deewan Chand Builders Pvt Ltd and took Rs 2 crore cheque from the company to settle the pending dues.
The cascading impact of the default by the IL&FS Group on the financial sector would be quite substantial as evidenced from the partial default of some companies and its repercussions in the financial market in September 2018.
The Employees Provident Fund Organisation (EPFO) is working to automate the transfer process of Employee Provident Fund money (PF money) when you switch jobs. As an employee, you will not have to worry about the transfer or withdrawal of provident fund money. The PF balance from your previous organisation will be transferred based on your UAN.
The employee has to contribute 12% of the sum of basic salary, dearness allowance and retaining allowance under the EPF scheme.
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