EPF has issues. Can you say No to it?
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
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Plan to retain your Employees’ Provident Fund balance after retiring? Read 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….
EPF interest delays: How it impacts compounding and tax filing
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…
EPF: What is the missed call service that helps you find about the PF balance? | Mint
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,…
Unblocking inactive EPF account: What employees must do
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…
EPFO to spend ₹13 crore on welfare of its employees with ₹74 lakh allocated to holiday homes | Mint
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…
Centrum Broking initiates coverage on wealth management, sees upside in Nuvama Wealth, downside in 360 One WAM | Stock Market News
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…
Government increases PF withdrawal limit to ₹1 lakh, likely to hike salary ceiling: Report | Mint
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….
The invisible burden on low-income workers equivalent to a 35% tax
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…
Know how to make changes in provident fund accounts & document required
Source: Business Standard 3 min read Last Updated : Sep 13 2024 | 2:14 PM IST The Employees’ Provident Fund Organisation (EPFO) has set up a process to make corrections in Universal Account Number (UAN) profiles, aiming to make employee records accurate and prevent fraud. Here’s an overview of what corrections can be made…