The Government has increased rates on small savings schemes such as Post Office Time Deposit, Post Office Recurring Deposit, Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and others for the 3rd Quarter of FY 2018-19 (1st October – 31st December, 2018). The existing and revised rates are as follows :…
The Central Government has decided to pay for the employer’s contribution towards EPF and EPS accounts of the members to boost job creation in the formal sector under the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY). However, this facility can be availed for only three years by the employers. Even if an employee changes his job,…
EPFO has credited the EPF interest amount of all PF accounts for 2017-18. The interest amount is credited to the EPF account of employees on 31st March of the end of every financial year. EPFO was not able to credit the interest amount in some EPF accounts by the due date. It had given a…
Do you feel that you are paying a huge chunk from your income on taxes? There are high chances that you do not have an efficient tax plan! A defined tax saving plan can help you benefit from tax exemption and earn tax-free income. The tax-saving season, starting from 1st April, is approaching for both salaried…
Good news for Employee Provident Fund (EPF) subscribers! From the next fiscal, EPF account holders would not need to file EPF transfer claims while switching jobs as the process would be automated. How EPF Transfers would work from FY 2019-20 According to a senior labour ministry official, Employee Provident Fund Organization (EPFO) is currently testing…
EPF subscribers often face confusions regarding operations and services available under the scheme. In order to address, process and resolve the consumer’s issues, the EPFO has formulated various platforms & robust grievance management systems. There are online as well as offline platforms ensuring efficient monitoring of all the complaints. So, if you also have some…
India’s National Pension Scheme (NPS) Tier 2 account offers a choice between 8 different pension fund managers. It does not have tax benefits or a lock-in for private sector subscribers. For government employees, it has a 3 year lock-in and tax benefits under Section 80C of the Income Tax Act. In case of NPS tier…
On 13th May 2020, the Government announced a reduction in the EPF contribution rate from 24% to 20% of the salary, for private sector firms, for the next three months. As a consequence of this change, it is believed that employees will be able to benefit from a higher take-home salary and employees will be…
Employees’ Provident Fund (EPF) and Public Provident Fund (PPF) are the two most popular retirement saving schemes in India. Since both are government backed and long-term retirement products, there is a lot of confusion among the investors regarding these investment products. Therefore, if you are planning for building a large retirement corpus, it becomes important…
The Pradhan Mantri Jeevan Jyoti Bima Yojana was started by the then Finance Minister, Mr. Arun Jaitley in the annual financial budget of 2015. The scheme was actually launched by the Prime Minister, Mr. Narendra Modi in Kolkata considering the fact that as of the mentioned year (May 2015), only 20% of the country’s population…
