Retirement : Curbs on EPF Withdrawal

Members will not be able to fully withdraw from their Employees Provident Fund (EPF) before they reach the retirement age. The ministry of labour and employment issued a notification, dated 10 February 2016, to this effect. The maximum amount that can be withdrawn from EPF is the employee’s own contribution and interest. Employers’ contribution to provident fund and interest thereon will be retained until retirement. The notification also increases the retirement age to 58 years from the earlier 55 years for EPF.

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Real Estate : Show Parking Availability before Buying a Car

Mohali residents may have to produce a certificate, or undertaking, proving that they own a parking space before they register their car.  Municipal commissioner of Mohali, Uma Shankar Gupta said, “If the proposal is passed, it will not only reduce congestion but also pollution.” At a meeting of the Corporation on 16th February, the issue of giving an undertaking regarding availability of parking space before the purchase of a four-wheeler was kept pending for discussion at the next meeting.

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Cards : Service Charge and Surcharge To Be Waived

Customers will not have to pay service charge, user charge and convenience fee on card and online transactions, including mobile wallets. This will come into force, once the steps approved by the Union Cabinet on 24th February come into effect. This will reduce transaction costs for consumers while making digital payments. At present, payment gateways levy a service charge and pay the amount to the government. The vendor using the payment gateway pays a convenience charge. 

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