Soaring inflation, high fuel cost, rising cost of education and health insurance premiums have eroded the real incomes of middle-class Indians. Household savings rates dropped by a staggering 40% in the past three years, says an Assocham survey.
The survey found that net financial savings by Indians, which include deposits with banks and non-banking finance companies, cash, investment in stocks, debentures and small savings instruments, have dipped considerably because of rise in household expenditure.
As many as 82% respondents said that the salary hike last year was not in sync with the cost of living which has gone up by almost 40%-45%. Besides, 82% respondents from metros said that their standard of living has declined by at least 25%.
The survey was conducted over three months in 2013 (January to March) in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun.
The Employees’ Provident Fund Organisation (EPFO) will pay at least 8.5% interest on PF deposits for 2013-14 to its more than 50 million subscribers like in the previous fiscal. The decision in this regard could be taken as early as December 2013. EPFO had provided 8.5% interest rate for 2012-13, up from 8.25% in 2011-12
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