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epfindia.gov.in.org The Employees' Provident Fund Organisation ( EPFO ) is one of the two main social security agencies under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance .
The employee contributes 10% of his gross salary to the system while the employer contributes a matching amount. At the official age of retirement, the employee can withdraw 60% of the amount as a lump sum while 40% needs to be compulsorily used to buy annuity that will be used to pay a monthly pension. The system tries to achieve a target of ...
This differs from pension funds, which have elements of both lump sum as well as monthly pension payments. As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan.
E-payments have been heavily promoted in India showing consumers the various ways they can make these payments Including ATMs, the Internet, mobile phones and drop boxes. Due to RBI efforts and the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), now over 75% of all transaction volume is electronic, including both ...
PhonePe's share of UPI payments stood at 47.8% in November 2024 while Google Pay's share was at 37%, according to regulatory data. The two firms processed a combined 13.1 billion transactions in ...
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968.
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Collectors and enthusiasts alike are willing to pay high prices or even top dollar for well-preserved, authentic pieces. Here are five valuable 1970s collectibles you might just have stored in ...