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Govt pitches for Rs 1K pension for construction workers
Thursday, May 17, 2018, 6:20 PM
The Labour Ministry has proposed free insurance cover, a monthly pension of Rs 1,000 after 60 years of age, scholarships for children, and reimbursement of medical expenses under a draft model scheme for the welfare of building and other construction (BOC) workers. The ministry has sought public comments on the scheme, formulated on the direction of the Supreme Court, till May 21, 2018.
Madhya Pradesh govt hikes DA for its employees and pensioners
Tuesday, May 8, 2018, 9:26 PM
The Madhya Pradesh government today cleared a 2 percent hike in dearness allowance (DA) for its employees and pensioners. The state cabinet, at a meeting chaired by Chief Minister Shivraj Singh Chouhan, cleared a proposal to provide an additional 2 percent DA to government employees and pensioners covered under the Seventh Pay Commission, a Public Relations Department officer said.
Govt likely to notify 8.55% interest on PF for FY18 this week
Sunday, May 6, 2018, 1:48 PM
The labour ministry is likely to notify this week the 5-year low 8.55 percent interest on PF for 2017-18, paving the way for retirement fund body EPFO to credit returns into the accounts of around 5 crore subscribers. The finance ministry has ratified 8.55 percent rate of interest on EPF for last fiscal.
NPS subscribers allowed to partially withdraw fund for setting up biz
Friday, May 4, 2018, 8:18 AM
Pension fund regulator PFRDA has said National Pension System (NPS) subscribers will now have the option to partially withdraw funds for setting up new business or pursuing higher education. NPS and Atal Pension Yojana, both regulated by the PFRDA, currently have a cumulative subscriber base of over 2.13 crore with total asset under management of over Rs 2.38 trillion.
Now pensioners can view passbook using Umang app
Thursday, May 3, 2018, 6:53 PM
Pensioners would now be able to view their pension passbook on mobile phones with the help of Umang app, said the Employees Provident Fund Organisation. A labour ministry statement said View Pension Passbook service for pensioners will be available through Umang app. The introduction of this facility is part of EPFOs plan to go paperless by August this year and provide all services online.
You may get more stocks in your provident fund account
Monday, April 30, 2018, 10:44 AM
The EPFO may allow its subscribers a greater say in increasing or decreasing their equity exposure. But does that make sense for investors who are used to a simple product? Since 2015, a part of the money you invest in PF goes into equities through exchange-traded funds, a basket of stocks that track an underlying index and are traded on stock exchanges.
New members registration with EPFO hits 4 month low in Feb
Wednesday, April 25, 2018, 6:50 PM
Job creation slowed down in non-farm sectors during February as new member registrations with the EPFO for its various schemes declined to a four-month low of 4,72,075 during the month, according to the monthly data released by the retirement fund body. The number of all non-zero contributors registered with the EPFO was 647,019 in November, 3,93,904 in October and 4,35,283 in September last year.
EPFO to inform members about contributions not deposited by firms
Wednesday, April 25, 2018, 3:31 PM
Retirement fund body EPFO today said it will inform its subscribers if contributions are not deposited by their employers with the body for a given month in due time. At present, Employees Provident Fund Organisation (EPFO) only informs about the credit of contribution to subscribers account by SMS/email to registered universal (EPF) account number holders.
EPFO members to get option to hike investments in ETFs by this fiscal
Wednesday, April 18, 2018, 5:35 PM
Over 5-crore subscribers of retirement fund body EPFO will get an option to increase or decrease investments of their provident fund into stocks through ETF in the current FY. The Employees' Provident Fund Organisation plans to credit ETF-investments in the PF accounts in about 3-months, thereafter it would give an option to the subscribers to hike or cut investments in ETFs from their funds.
Govt to not hike basic salary to Rs 21,000 to increase EPFO coverage
Monday, April 16, 2018, 9:31 PM
The Union government has shelved a plan to expand the social security net for nearly six million organized sector employees in a bid to ease the burden on the government exchequer. The labour ministry has decided not to act on a proposal approved by the central board of Employees Provident Fund Organization to increase the salary threshold from up to Rs15,000 to Rs21,000 per month.
EPFO to accept offline PF claims of over Rs.10 lakh
Monday, April 16, 2018, 2:49 PM
Reversing its earlier decision, the EPFO has decided to accept provident fund withdrawal claims of over Rs.10L via physical forms submitted offline. In an earlier circular the EPFO had issued instructions to its offices to allow submission of PF claims of over Rs.10L only online. EPFO in its circular dated 13 April 2018 has revised instructions to settle claims for PF and EPS withdrawals.
No disagreement with FinMin on 8.55% interest on EPF: Labour Minister
Sunday, April 15, 2018, 2:24 PM
Labour Minister Santosh Gangwar has said that there is no disagreement with the finance ministry on providing 8.55% rate of interest for 2017-18 to over fifty million subscribers of EPFO. EPFO's apex decision making body CBT had decided to provide 8.55% rate of interest on EFF for last fiscal on February-21, 2018 and sent the proposal to the finance ministry for its concurrence.
There should be no delay in pension disbursal in name of Aadhaar: CIC
Wednesday, April 11, 2018, 9:07 AM
The Central Information Commission (CIC) on Tuesday said there should be no delay in the disbursement of pension to senior citizens and retired employees in the name of Aadhaar linking. Delaying pension payments will be "inhumane" and it also amounts to the denial of a pensioner's fundamental right to life, Information Commissioner MS Acharyulu noted.
Woman Carried Abled Husband For Weeks. Now, He'll Get Pension
Saturday, April 7, 2018, 12:19 PM
Two days after the video of a woman carrying her differently-abled husband on her back to obtain a disability certificate went viral, the district administration has rushed in to provide a helping hand to the couple. Badan Singh not only got a wheelchair and a pair of crutches from the office of the Chief-Medical-Officer, the district magistrate has issued orders for ensuring handicapped pension.
Government sees 1 crore new jobs on 12% pension incentive
Wednesday, April 4, 2018, 12:22 PM
The government hopes to create 1 crore new jobs by bearing the entire 12% of the basic salary that employers are mandated to make towards pension for the first three years for new employees. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, yesterday approved payment for the entire 12% contribution for first three years for new staff.
