Retirement fund body EPFO's trustees today deferred the discussion on the proposal to increase investments in ETFs to 15 per cent, from 10 per cent of investible deposits
Labour Minister Bandaru Dattatreya shared the information in a written reply in the Rajya Sabha on Wednesday.
Buoyed by the surging stock markets, the Employees Provident Fund Organisation (EPFO) may propose to invest up to 15 per cent of its investable amount in equity markets.
The Pension Fund Regulatory and Development Authority (PRFDA) chairman said India right now is well poised to increase its coverage of pension schemes.
Retirement fund body EPFO has asked its field offices not to insist on provident fund deduction from the salaries of Singaporean citizens working purely as temporary workers in India.
According to provident fund norms, 12 per cent of an employee's salary goes into the fund along with a matching contribution from the employer.
The regulator has sent a proposal to government seeking to allow government subscribers (state and Central government employees) invest up to 50 per cent in equities under the NPS.
The schemes run by EPFO and ESIC provide mandatory cover to formal sector workers in the country.
At present, NPS subscribers can shuffle their investments among equity, corporate bonds, and government securities only once a year.
In January, EPFO had decided to extend the date of submission through Jeevan Pramaan Patra programme to February 28.
Earlier last year, the Finance Ministry had lowered interest rate on EPF for 2015-16 to 8.7 per cent from 8.8 per cent approved by the CBT but the step was retracted after protests by trade unions.
Investment adviser Harsh Roongta answers a few queries on personal finance.
Financial planner Gaurav Mashruwala answers a few queries on personal finance.
Financial planner Amit Kukreja answers a few queries on personal finance.
Financial planner Kartik Jhaveri answers a few queries on personal finance.
The AUM of NPS crossed Rs 1.61 trillion-mark with a subscriber base of 1.41 crore as on December 31, he said.
Earlier in November last year, the EPFO had decided to extend the last date for submission of life certificate till January 15, 2017.
Under the scheme, the employee's share of contribution, if declared by the employer as not deducted, shall stand waived, the Employees' Provident Fund Organisation (EPFO) said in statement.
Earlier this week, retirement fund body Employees Provident Fund Organisation (EPFO) decided to lower the interest on provident fund deposits to 8.65%.