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Why elections are good news for your retirement

NEW DELHI: The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees' Provident Fund for 2018-19 to 8.65% from 8.55% in the preceding year. The move has to be approved by the finance ministry. What's with elections? The hike comes after two years of rate cuts (from 8.75% for 2014-15 to last year's fiveyear-low of 8.55%) and is the first in four years. Surprisingly, last year when EPF rate was cut EPFO's surplus wasRs 600 crore and this year when it wants to give more it will be left with a surplus of just Rs 151 crore. The rate hike isn't surprising, but a rate cut would surely have been against the trend. EPF interest rates never go down in election years, they are either retained at the same level or hiked. Before 2014 elections, the interest rate (for 2013-14) was hiked to 8.75% from previous year's 8.5%. While EPF rates were retained at the

19 Feb
2019

Employee Provident Fund: EPFO unlikely to change rate - Know how much money you will take home on retirement

In a latest development, it has been reported that Employees’ Provident Fund Organisation (EPFO) may keep the interest rate on EPF unchanged at at 8.55%. EPFO is a controller and rate decider for employees provident fund (EPF) which is a retirement scheme for salaried employees. Both, government and private employees are liable to give some portion of their monthly salary in EPF as their retirement investment. When an employee is retired, they get an fixed income for their service. EPF is among the traditional investment options for employees. According to Economic Times report, the government is likely to retain the provident fund interest rate at 8.55% despite the decline in interest rates, benefitting over 60 million subscribers. Reportedly, the Central Board of Trustees (CBT) of EPFO will meet on Thursday to consider the return for the current year besides an increase in the minimum pension for subscribers. Prabhakar Banasure, a CBT member was quoted sayi

13 Feb
2019

5 reasons why PF is so important to the salaried class!

The Employee Provident Fund (EPF) is one of the most widely-used investment schemes by the salaried class in the country. The benefits of EPF are extended to all establishments with 20 or more employees. Unfortunately, the past few years have seen the interest rate on it steadily fall, hitting a five-year low of 8.55% in 2017-18. But the buzz is that this year won't see a further dip - the rate is expected to hold steady - given the upcoming general elections, which is great news for the over six crore subscribers of the Employees' Provident Fund Organisation (EPFO). Here's a look at the benefits of having a PF account: Tax benefits Apart from the fact that an employee's contribution towards an EPF account is eligible for tax exemption under Section 80C, the interest rate earned is exempt from income tax. According to experts, your EPF account continues to earn interest even if it has been lying dormant for more than 3 years. Also, EPF withdrawals are not t

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22 Nov

With Over A Lakh Books, This Septuagenarian Couple

There is only one place on earth that you would find a 1942 issue of Sakthi with a resplendent Rukmini Devi Arundale on the cover, letters written by Rajaji and poet Bharathiyar’s daughter Thangammal, a rare photocopy of Thampiran Vanakkam (1578)—the first Tamil book ever published, and a hand-written 1867 Latin-Tamil dictionary, all under one roof. Gnanalaya is a private library and research centre in Thirukokarnam, Pudukkottai that was established by B Krishnamurthy an Read More

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17 Nov

The Joy Of Giving: Mumbai Man Offers Free Tiffins

From his tiny kitchen in Borivali, 59-year-old Mark D’Souza has been delivering free lunches to needy senior citizens in Borivali’s IC colony since 2012; the number of lunches is slowly growing. Every day, a little afternoon, about 56 senior citizens in Mumbai wait for a certain man to walk through their doors, for he comes bearing son-like devotion packaged in two wholesome meals, and generous servings of his time and company. Mumbai’s Mark D’S Read More

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04 Nov

20 Natural Wonders Of India We Bet You Missed In Y

When we think of natural wonders, the Grand Canyon, the Great Barrier Reef, Mount Everest and the Amazon Rainforest are the names that typically come to mind. However, there lies a treasure trove of strikingly scenic natural wonders a little closer to home too. One of the world’s most varied countries in terms of geographical diversity, India has an astonishing array of natural wonders. Some are pretty well-known and undeniably spectacular, while others are less-discovered gem Read More

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28 Oct

Meet The Two Rupee Doctor Serving Chennai S Under

In a world where affordable healthcare is a distant dream to many, one 67-year-old doctor in Chennai has been serving patients quietly as a little consultation fee of Re 2 since 1973. Living up to his Hippocratic oath, this 67-year-old medic, Thiruvengadam Veeraraghavan dedicated his life to make affordable medical attention accessible to the most underprivileged sections in Vyasarpadi situated in North Chennai since the last 40 years. It i Read More

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