Instead of raising interest rates, the Employees’ Provident Fund Organisation (EPFO) is considering doling out a Rs750-crore bonus to its subscribers for 2015-16. This is the first such move which could translate into double-digit returns on retirement funds for millions of workers. As per EPFO’s internal estimate, around half its subscribers would get bonus this year, if the proposal goes through. Certain trade unions are opposing the idea as this will benefit only a few and not all EPFO subscribers.
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 The maximum amount that can be withdrawn from EPF is the employee’s own contribution and interest.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.
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.