New Delhi: Decks have been cleared for clubbing of allowances with basic pay for PF deductions under the EPFO scheme, a move that will increase savings but reduce take-home pay of over five crore subscribers. A review committee, constituted to look into the nitty-gritty of clubbing of allowances with basic pay for PF deductions, has supported the idea for enhancing the social security benefit under the EPF scheme run by the Employees' Provident Fund Organisation (EPFO).
"The committee's suggestion would be vetted by the Labour Ministry and would be put before the EPFO's apex decision making body the Central Board of Trustees (CBT) for taking final call on it," a trustee and Secretary Bharatiya Mazdoor Sangh BN Rai said. "On the issue of clubbing of wages, even the employers' representatives supported the view that all such allowances which are regularly and uniformly paid to workers should form part of basic pay for PF deductions," said Rai, who was the member of the review panel.
The suggestions of the committee have been already sent to Labour Ministry for scrutiny, EPFO officials said. On November 30, the outgoing Central Provident Fund Commissioner RC Mishra brought out a notification to club all allowances which are regular in nature, with basic pay. The notification had said: "All such allowances which are ordinarily, necessarily and uniformly paid to the employees are to be treated as the basic wages".
The notification was an effort to check the practice of splitting of wages by
01:08 PM, Apr 20, 2013
New Delhi: Over 50 million subscribers of the retirement fund body EPFO will be able to apply online for transfer and withdrawal of their provident fund from July 1, a move aimed at speedy settlement of claims. "We have decided to set up a central clearance house which will be operational on July 1. This will enable subscribers to apply online for settlement of the withdrawal and transfer of funds...
05:38 PM, Apr 18, 2013
Reserve Bank on Thursday notified 0.1 per cent reduction each in interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from the fiscal beginning April 1, 2013. The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent with effect from April 1, 2013, RBI said in a notification. The rate of interest on 5 year SCSS...
06:51 PM, Mar 28, 2013
Over five crore subscribers of the retirement fund body EPFO are likely to get 8.5 per cent return on their investment during 2012-13, higher than 8.25 per cent paid in the previous fiscal. "... 8.5 per cent rate of interest for the year 2012-13 is feasible", said a note prepared by the Employees' Provident Fund Organisation for the consideration by its advisory body Finance and Investment Committee (FIC). ...
06:56 PM, Feb 15, 2013
A fresh decision by the Employees' Provident Fund Organisation (EPFO) is slated to slash the take-home salary of those in service. The EPFO has decided that Provident Fund of an employee will now not be deducted on just the basic salary, but will now be calculated on the gross income. However, the good part of the move is that there will also be an increase in the share of the...
08:19 PM, Dec 11, 2012
Over 50 million provident fund subscribers can now access their account statements online as EPFO on Friday launched its e-Passbook service. Active subscribers whose electronic challan-cum-return is already uploaded, can download their e-Passbook every month under the service launched by the EPFO's Central Provident Fund Commissioner RC Mishra on Friday. ...
01:40 PM, Dec 01, 2012
Over 50 million provident fund subscribers can now access their account statements online as EPFO on Friday launched its e-Passbook service. Active subscribers whose electronic challan-cum-return is already uploaded, can download their e-Passbook every month under the service launched by the EPFO's Central Provident Fund Commissioner RC Mishra on Friday. The facility shall be available on www.epfindia.gov.in. ...
05:42 PM, Nov 30, 2012
New Delhi: Interest rate on employees' provident fund will be increased to 8.6 per cent for the current fiscal, a move which will benefit around five crore subscribers. "The rates were brought down due to lower income (on investment in Special Deposit Schemes)...There is no question of minimum or maximum interest rates. We distribute it as per our revenue. Next time, it will be 8.6 per cent," Labour Minister Mallikarjun...
08:01 PM, Apr 26, 2012
New Delhi: Government on Thursday slashed interest rate on deposits in Employees Provident Fund from 9.5 per cent to 8.25 per cent for 2011-12 affecting over 4.7 crore subscribers. This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said. The Employees' Provident Fund Organisation (EPFO) had provided 9.5 per cent interest rate to its subscribers for 2010-11 after it found...
10:48 PM, Mar 15, 2012
Kolkata: The Employees Provident Fund Organisation (EPFO) on Wednesday said account details would be available online from July 1. "You can watch the account balance of your PF online from July 1," Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Industry. "This indeed would be a great help to about 5 crore PF subscribers in India," he said. EPFO plans to...
06:57 PM, Jun 08, 2011
New Delhi: The Employees Provident Fund Organisation (EPFO) on Tuesday stuck to its decision that about 4.71 crore subscribers of the pension fund get one per cent increase in interest on their deposits for 2010-11, pegging the rate of interest at 9.5 per cent. The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) also decided not to invest in stock markets. After a two-hour meeting of the...
08:25 PM, Feb 15, 2011
New Delhi: Retirement fund manager EPFO on Thursday decided to suspend further investments in the LIC Housing Finance till CBI completes investigations into the alleged involvement of its top official in the bribes-for-loans scam. "As of now we have suspended further investments in the LIC Housing Finance. Safety of fund is our prime concern. We are doing so because CBI is investigating the case", Labour Minister Mallikarjun Kharge said. Kharge,...
03:53 PM, Dec 09, 2010
New Delhi: In what may be a windfall for crores of employees in public and private sector, the Provident Fund Trustees on Wednesday decided to give a higher interest rate of 9.5 per cent for 2010-11 on their retirement savings. The steep one percentage point increase has taken the interest on PF deposits of 4.71 crore organised sector workers to a five-year high from the current level of 8.5 per...
06:06 PM, Sep 15, 2010
The CBI filed chargesheet against 78 people, including three ex judges of Allahabad HC and 3 district judges. ...
07:51 AM, Jul 04, 2010
The court has also ordered protection to all other witnesses in the case. ...
10:22 PM, Oct 20, 2009
SC demands judicial inquiry report be tabled before it within eight weeks. ...
11:46 AM, Oct 20, 2009
Retail chain Subhiksha's top management has already quit. ...
08:22 PM, Feb 11, 2009
We decode for you, what happens when CTC becomes take home. ...
11:19 AM, Jan 21, 2009
Subscribers to the private PFs are allowed income tax exemptions. ...
02:02 AM, Jan 06, 2009
No tax on amount transferred from one co's PF to the other co's PF. ...
02:42 PM, Nov 20, 2008
