Posts By: Prakash Consultancy Services

EPFO to give interest on inoperative Accounts

Posted by & filed under Provident Fund Benefits.

Reversing a five-year-old decision, the Employees’ Provident Fund Organisation’s top decision-making body, the Central Board of Trustees, has decided to pay interest on all inoperative EPF accounts from April 1 onwards. Inoperative EPF accounts are those that have not received any contribution from employees or employers for 36 months. The move will benefit 90 million… Read more »

TEA urges rollback of EPFO amendment

Posted by & filed under Uncategorized.

Tirupur Exporters’ Association (TEA) today urged the Union Labour Ministry to rollback the amendment stating that employers’ contribution withdrawal could only be done when the employee was 58 years, in the Employees’ ProvidentFund Organisation (EPFO). In a letter to Minister Bandaru Dattatreya, TEA president A. Shaktivel said that the amendment has created ripplesin Tirupur knitwear… Read more »

Petitioning Employee Provident Fund Organization Central Provident Fund Commissioner

Posted by & filed under Provident Fund Benefits.

Dear Employee Provident Fund members, The Employee Provident Fund Organization, which manages the EPF money, recently issued a notification amending the EPF Act to restrict the withdrawals from employee provident fund to the extent of only employee contributions and the interest on it until retirement. What this also means is that, the employee will not… Read more »

SOCIAL SECURITY AGREEMENT WITH THE REPUBLIC OF AUSTRALIA

Posted by & filed under Provident Fund -International workers.

The Government of India has entered into an Agreement on Social Security Agreement with Australia. Following the principles of reciprocity this, agreement is intended to benefit the employees of both India as well as the Australia. The agreement has come into force w.e.f 01-01-2016 The Agreement provides inter-alia for posting i.e. detachment up to a… Read more »

Don’t be in a rush to make EPF-NPS switch: Experts

Posted by & filed under Uncategorized.

After the backlash against the tax on the Employees’ Provident Fund (EPF), the government should get ready for opposition to its proposal allowing EPF members to switch to the New Pension System (NPS). Only this time the government may be unfairly targeted because the switching rules it has framed for EPF and NPS are quite flexible and subscriber-friendly.The proposal to switch from EPF… Read more »

Arun Jaitley rolls back proposal to tax EPF withdrawal

Posted by & filed under Uncategorized.

Finance minister Arun Jaitley on Tuesday announced the rollback of proposed tax  on withdrawals from employees’ provident fund. “The purpose to tax EPF withdrawals was to encourage a pensioned society. However, in view of the representations made to the government against the proposed tax, I withdraw it” finance minister Arun Jaitley informed the Lok Sabha… Read more »