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Source: Live Mint The Ministry of Labour & Employment has instructed the retirement fund body Employees’ Provident Fund Organisation (EPFO) to ensure that employees’ Universal Account Number (UAN) is valid to benefit from the Employment Linked Incentive (ELI) Scheme. According to the Union Budget 2024–2025, all eligible employees must activate their UAN and link their…
Source: Live Mint In 2023-24, the Employees’ Provident Fund Organisation rejected 8.7 million applications from individuals seeking to withdraw money from their EPF accounts. Read Full Article
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….
Source: Live Mint “I enquired with my company and they informed me that the account was transferred successfully. I ran helter skelter for one month trying to figure out whether my job change had impacted interest credit or if there was another reason. On not getting a response from EPFO support, I went to their…
Source: Live Mint If you are an EPF (Employees Provident Fund) subscriber and keen to check the account balance and/or the last contribution made, the process is super easy. You need to only give a missed call. The only condition is that the member’s mobile number must already be registered on the UAN portal. So,…
Source: Business Standard 3 min read Last Updated : Oct 02 2024 | 11:44 AM IST The Employee Provident Fund (EPF) is a crucial retirement savings scheme designed to provide financial security for employees in the organised sector. However, accounts can become inactive if there are no contributions for three years. This may happen…
Source: Live Mint The Employees Provident Fund Organisation (EPFO) has issued a circular highlighting the allotment of funds for the year 2024-25 towards welfare activities of employees. The total budget for welfare activities, reads the circular, is ₹13.10 crore — out of which ₹74.37 lakh belong to the holiday homes alone. Excluding the budget for…
Source: Live Mint Domestic brokerage house Centrum Broking has initiated coverage on the wealth management industry with two reduced calls on – 360 One WAM and Nuvama Wealth. The brokerage has a target price of ₹1,050 for 360 One, implying a downside of around 3 per cent, whereas for Nuvama, it has a target of…
Source: Live Mint Union Labour Minister Mansukh Mandaviya said on Tuesday that subscribers of the Employees’ Provident Fund Organisation (EPFO), the government-run retirement savings manager, can now withdraw up to ₹1 lakh at once from their accounts for personal financial needs, an increase from the previous limit of ₹50,000, according to report by Hindustan Times….
Source: Live Mint “This tax is as high as 35%, the same as what people earning above ₹1 crore pay,” said Harsh Roongta, founder of Fee Only Investment Advisers. How so? That’s because of compulsory contributions to state insurance schemes and pension funds that are “akin to a tax” because of the difficulty in accessing…
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