The FinTech Hub
Source: Live Mint National pension system (NPS) and employee provident fund (EPF) are two key retirement schemes in India. While anyone can open an NPS account, one has to be in a full-time job to contribute to EPF. Some employers now provide both, allowing employees to boost their retirement corpus while enjoying tax perks. But…
Source: Live Mint PF new rule: Your Provident Fund (PF) contributions may earn a stable interest soon as the government is considering creating an interest stabilisation reserve fund for the Employees’ Provident Fund Organisation (EPFO). According to a report by The Economic Times quoting officials in the know of the matter, over 65 million EPFO…
Source: Live Mint The answer isn’t straightforward. While Mr. A has the choice to opt out, Mr. B doesn’t—thanks to the rules governing EPF eligibility. The fine print of opting out Most new employees can opt out of EPF if their basic salary, as defined by the EPF Act, exceeds ₹15,000 per month. However, those…
Source: Live Mint The Parliamentary Standing Committee on Labour recently recommended that the government raise the minimum pension, which currently stands at ₹1,000, given by the Employee Provident Fund Organisation (EPFO) under its Employee Pension Scheme (EPS). In its report tabled in Parliament on December 16, the panel noted that over a decade has passed…
Source: Live Mint The Employee Provident Fund Organisation (EPFO) allows individuals to only have one Universal Account Number (UAN). Think of UAN as an umbrella account that can house multiple member IDs. When you switch jobs, your member ID changes but your UAN remains the same. However, in some cases, you may be allotted a…
Source: Live Mint EPFO has extended the deadline for UAN activation and seeding bank accounts with Aadhaar for availing the benefits under ELI scheme till Dec 15. Earlier the deadline was Nov 30. In the latest circular dated December 4, Employees Provident Fund Organisation has issued directions to all employers that the earlier circular stands modified….
Source: Live Mint A number of key decisions were taken in the 236th meeting of Central Board of Trustees (CBT), EPFO on Saturday. These changes relate to paying a higher interest to subscribers, Investment in InvITs and REIT, and redemption Policy for ETF investments. The meeting was headed by Mansukh Mandaviya, Union Minister for Labour…
Source: Live Mint The Employees provident Fund Organisation (EPFO) has announced that certain classes of employees do not need to seed Aadhaar for the settlement of their physical claims. Typically, EPFO subscribers should seed their UAN (Universal Account Number) to Aadhaar for settling claims; some exceptions have recently been incorporated via a circular dated November…
Source: Live Mint If you are in the process of changing your job then the Employees Provident Fund Organisation (EPFO) has an important message for you. The retirement fund body has told the employees that they do not need to apply for a new UAN (Universal Account Number) at the time of changing jobs. This…
Source: Live Mint Some people like to keep the money in their Employees’ Provident Fund untouched even after retiring to let it continue to accrue interest. However, certain rules come into play with this, involving taxes, the interest accrual period, and the duration for which the funds can remain unclaimed. Here’s how it all works….
