Employees would now be able to withdraw up to 60 percent of their pension fund tax-free, Union Finance Minister Arun Jaitley said on Monday. Before this, the limit for tax-free withdrawal of pension was 40 percent, but one needed to pay tax on the balance 20 percent. The Cabinet also raised the employer (government) contribution…
The Union Labour and Employment Ministry released the draft Social Security Code, 2018, version 2.0. The code aims to reframe the existing social security architecture by replacing as many as 15 laws with a single but integrated labour code. The laws to be replaced include the Employees’ Provident Fund and Misc Provisions Act, 1952, the…
Note: The information on this page may not be updated. For latest information, click here. By the standards of India’s government schemes, NPS or National Pension System is unusually progressive. It is a defined contribution system in which the pension is linked to how pension fund investments perform rather than the employee’s final salary. Since the…
Employees do not have to personally open an EPF account or contribute to it. This is done by their employers. However in case of withdrawal, employees do need to personally initiate the withdrawal process. This can be complex, tedious and annoying and is hence often ignored. However, failing to withdraw your EPF amount if you…
The global Novel Covid-19 or Coronavirus pandemic has hit the world’s economy drastically and could have created a hole in the pockets of many. In times like these people may need to liquidate their ‘emergency funds’. One of these can be the Employee Provident Fund. What is Employee Provident Fund- A Glance Employee Provident Fund…
The Union Labour Ministry is set to overhaul the social security architecture of India with the draft proposal of the new Social Security Code, 2018. The recently released draft talks about amalgamation and rationalization of the labour laws in the country by replacing as many as 15 social security laws including the Employees’ Provident Fund…
Investments are the essence of financial planning and meeting the financial goals. To encourage individuals to invest more, several saving schemes are introduced by the Government, financial companies, and banks. These Government-backed schemes are suitable for the investors who are willing to invest in long-term saving schemes, enjoy tax benefits in the old regime of…
