Premature PF withdrawals to be capped at 75%
July 27, 2015
The Labour Ministry is set to cap premature provident fund withdrawals at 75% of total deposits in case an EPFO subscriber goes without a job for two months. The rest 25% would be paid to the subscriber at the age of 58 years. At present, Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount prematurely by showing not employed anywhere for two months. The ministry has firmed up the decision on premature PF withdrawals after the EPFO trustees from workers’ side unanimously supported the move in a meeting held here today, a Labour Ministry official said. The official said though the ministry has shown its intent to cap PF withdrawal at 75% earlier this month, they wanted to
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Pension regulator keen to make NPS popular among NRIs
July 27, 2015
Pension regulator PFRDA wants to push its National Pension System (NPS) product in a big way among the Non-Resident Indian (NRI) community, especially the blue-collared workers in the Gulf region. Enrolling into NPS could provide the much needed social security for the large number of expatriates in the Gulf, PFRDA Chairman Hemant Contractor said here on Wednesday. On the anvil is a focused communication strategy to popularise NPS among the NRIs. Pension Fund Regulatory and Development Authority (PFRDA) will engage “more seriously” with points of presence service-providers such as banks to extend NPS to NRIs, said RV Verma, Member, PFRDA. Contractor said that NRIs could now invest in NPS and that the Reserve Bank of India had also recently clarified
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