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Wednesday, July 13, 2011
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EPFO is also considering to offer 9.5 per cent return on PF deposits for a second year in a row
The Employees Provident Fund Organisation, the management of India's biggest retirement fund, is considering to offer 9.5 per cent return on PF deposits for a second year in a row for the financial year 2010-11. The finance ministry has already given its approval to the proposal. The EPFO has some 5.3 crore accounts and a huge corpus of over Rs 350,000 crore.The organisation also plans to further streamline the account settlement procedure and has set a target for itself to settle all withdrawal applications within a month from the date of petition. This will become operational within two months. Towards this end, the organisation aims to fully update some 4.72 crore accounts immediately.At a review meeting of regional provident fund commissioners, labour and employment minister Mallikarjun Kharge said the ministry has given an undertaking to finance ministry to update all 4.72 crore PF accounts by September 16 this year.He cautioned officers of EPFO against any delay in settlement of claims and upgradation of account, saying their performances was being closely monitored.
VPF vs PPF: Which is better
Siddharth Kumar, Investmentbazar.com
If you look at the interest rate offered, tenure of investment and tax implications voluntary provident fund scores over public provident fund.
Many of us have this question and want to know which is better as an investment option: VPF (Voluntary Provident Fund) or Public Provident Fund. As the name suggests both the products -- VPF and PPF are provident fund schemes.
Let's understand the two schemes in detail:
What is Voluntary Provident Fund (VPF)
Voluntary Provident Fund is voluntary contributions to the Employee Provident Fund account by the employee. It is directly linked to your EPF account. The only basic difference in VPF and EPF is, in the former employee does it voluntarily whereas in EPF contribution is mandatory.
Note: Only salaried employees have the option of Voluntary Provident Fund.
What is Public Provident Fund
Public Provident Fund (PPF) is a statutory scheme by the Central Government of India. It is one of the instruments suitable for long term investment.
PPF scheme is for a period of 15 years. The minimum investment required in a PPF account is Rs 500 per year and the maximum investment amount is Rs 70,000 per year. You can take a loan on the PPF account after completion of the third year opening of the account. Partial withdrawal is also applicable after completion of 4 years after account opening.
VPF vs PPF: Interest rate
Interest rate on Voluntary Provident Fund (VPF) is a little more than EPF interest rate.
VPF: 8.5% per annum (For the year 2010 2011 you can expect a return of 9.5% per annum)
PPF: 8% per annum
VPF vs PPF: Investment period
VPF: Amount is paid at the time of retirement or resignation. Or, it can be transferred from one company to the other if one changes jobs. On death, the accumulated balance is paid to the legal heir.
PPF: Amount can be withdrawn on maturity, that is, after 15 years of the close of the financial year
VPF vs PPF: Impact of tax
VPF: Investment qualifies under Section 80C under the Rs 1,00,000 limit.
PPF: Investment qualifies under Section 80C under the Rs 1,00,000 limit. On maturity, you pay absolutely no tax.
VPF or PPF: Which is better?
To sum up, major difference between VPF and PPF is the rate of return. Rate of interest on VPF is also higher (currently 8.5%) than interest on PPF (8%).
If you are salaried and have to decide between the two, VPF is better than PPF
If you look at the interest rate offered, tenure of investment and tax implications voluntary provident fund scores over public provident fund.
Many of us have this question and want to know which is better as an investment option: VPF (Voluntary Provident Fund) or Public Provident Fund. As the name suggests both the products -- VPF and PPF are provident fund schemes.
Let's understand the two schemes in detail:
What is Voluntary Provident Fund (VPF)
Voluntary Provident Fund is voluntary contributions to the Employee Provident Fund account by the employee. It is directly linked to your EPF account. The only basic difference in VPF and EPF is, in the former employee does it voluntarily whereas in EPF contribution is mandatory.
Note: Only salaried employees have the option of Voluntary Provident Fund.
What is Public Provident Fund
Public Provident Fund (PPF) is a statutory scheme by the Central Government of India. It is one of the instruments suitable for long term investment.
PPF scheme is for a period of 15 years. The minimum investment required in a PPF account is Rs 500 per year and the maximum investment amount is Rs 70,000 per year. You can take a loan on the PPF account after completion of the third year opening of the account. Partial withdrawal is also applicable after completion of 4 years after account opening.
VPF vs PPF: Interest rate
Interest rate on Voluntary Provident Fund (VPF) is a little more than EPF interest rate.
VPF: 8.5% per annum (For the year 2010 2011 you can expect a return of 9.5% per annum)
PPF: 8% per annum
VPF vs PPF: Investment period
VPF: Amount is paid at the time of retirement or resignation. Or, it can be transferred from one company to the other if one changes jobs. On death, the accumulated balance is paid to the legal heir.
PPF: Amount can be withdrawn on maturity, that is, after 15 years of the close of the financial year
VPF vs PPF: Impact of tax
VPF: Investment qualifies under Section 80C under the Rs 1,00,000 limit.
PPF: Investment qualifies under Section 80C under the Rs 1,00,000 limit. On maturity, you pay absolutely no tax.
VPF or PPF: Which is better?
To sum up, major difference between VPF and PPF is the rate of return. Rate of interest on VPF is also higher (currently 8.5%) than interest on PPF (8%).
If you are salaried and have to decide between the two, VPF is better than PPF
No interest on inoperative EPFO accounts now
NAGPUR: All those who have left their employee provident fund accounts dormant for more than three years, after changing jobs or retirement, will soon stop earning interest on the corpus there. The Employees Provident Fund Organisation (EPFO), which manages accounts of around four crore employees in the private sector, will stop crediting interest from April 1 onwards in accounts that have been inoperative for three years or more. Inoperative accounts are those in which contributions have stopped.
The amendment to this effect was notified around a fortnight ago. The EPFO will be changing its computer system so that interest will automatically stop if there is no contribution in an individual account for a period of 36 months. Before this amendment, interest was deposited in accounts regardless of whether there were any contributions coming in or not. For many, it worked as a bank deposit, since they would take home a sizeable amount when closing the account.
Earlier, the EPFO system maintained a record of such accounts separately, without crediting any interest. However, whenever the account was to be settled, the entire pending interest was added while making the payout. Since it was redundant to keep a separate account record, if interest was to be credited at the time of settlement anyway, the practice was discontinued after 2000, said a source in EPFO.
Now, the system will be so designed that the accumulation of interest will stop if there is no contribution in the account for 36 months in a row, this will leave no room for any grace period. Before this, the accounts were classified as inoperative only from the fourth year onwards.
The move is expected to increase the returns for active members as it will reduce the outflow.
Another amendment made recently has enabled EPFO to extend its powers to municipal corporations and councils too. Apart from regular employees of such local bodies, who are covered under the government provident fund, there are several contract workers who can be covered by EPFO.
The Nagpur office of EPFO has already sent notices to Nagpur Municipal Corporation and other such bodies seeking details of such workers. The new amendment authorises EPFO to make the local body a party in the recovery process. "A local body will now be classified as a principal employer. So if a contractor fails to pay up, even the municipal body can be pulled during the recovery," said a source in the EPFO office here.
However, Panchayati Raj Institutions have not been covered so far, though it is expected that a large number of contract workers are engaged by such organisations too, especially in the employment guarantee projects, said a source in the labour ministry.
The amendment to this effect was notified around a fortnight ago. The EPFO will be changing its computer system so that interest will automatically stop if there is no contribution in an individual account for a period of 36 months. Before this amendment, interest was deposited in accounts regardless of whether there were any contributions coming in or not. For many, it worked as a bank deposit, since they would take home a sizeable amount when closing the account.
Earlier, the EPFO system maintained a record of such accounts separately, without crediting any interest. However, whenever the account was to be settled, the entire pending interest was added while making the payout. Since it was redundant to keep a separate account record, if interest was to be credited at the time of settlement anyway, the practice was discontinued after 2000, said a source in EPFO.
Now, the system will be so designed that the accumulation of interest will stop if there is no contribution in the account for 36 months in a row, this will leave no room for any grace period. Before this, the accounts were classified as inoperative only from the fourth year onwards.
The move is expected to increase the returns for active members as it will reduce the outflow.
Another amendment made recently has enabled EPFO to extend its powers to municipal corporations and councils too. Apart from regular employees of such local bodies, who are covered under the government provident fund, there are several contract workers who can be covered by EPFO.
The Nagpur office of EPFO has already sent notices to Nagpur Municipal Corporation and other such bodies seeking details of such workers. The new amendment authorises EPFO to make the local body a party in the recovery process. "A local body will now be classified as a principal employer. So if a contractor fails to pay up, even the municipal body can be pulled during the recovery," said a source in the EPFO office here.
However, Panchayati Raj Institutions have not been covered so far, though it is expected that a large number of contract workers are engaged by such organisations too, especially in the employment guarantee projects, said a source in the labour ministry.
Employee Provident Fund (EPF)
EPFO = http://www.epfindia.com/
http://www.epfindia.com/epfo_directory_kngoa.htm
PF Number = KN/BN/11394/<<>>
Employee's Provident Fund Organization
=============================
Regional Provident Fund Commissioner
Sub A/c Officer,
II Floor,C.M.C Building ,
Begur Road.
BommanahalliBangalore - 68
PH 25734590
http://www.epfindia.com/epfo_directory_kngoa.htm
PF Number = KN/BN/11394/<<>>
Employee's Provident Fund Organization
=============================
Regional Provident Fund Commissioner
Sub A/c Officer,
II Floor,C.M.C Building ,
Begur Road.
BommanahalliBangalore - 68
PH 25734590
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