Only a monthly contribution of Rs 500 may be required to join back
For establishments having more than 1,000 workers, the reimbursement is restricted to 12% of the employees' contribution
The interest rate of different types of provident funds range between 7.1% and 8.5%.
The (EPFO) will credit the interest amount to almost 60 million beneficiary accounts once the approval is officially communicated to the fund body.
April saw addition of 8,39,215 only which further plunged to 5,99,769 in May; numbers picked up in subsequent months
A taxable portion in which contributions above Rs 2.5 lakh will be accounted for and the interest earned thereon will be taxed.
As updation of employees record is a continuous process and gets updated in subsequent months, the data is provisional
A person might have multiple PF accounts for different reasons, but that is not a very good practice, after the introduction of UAN.
According to new labour law, in-hand salary of employees will change. It might recue the take home salary by almost 7-8% from the existing amount.
Though employers have to maintain more PF records of their employees, it would translate into higher revenues for the government.