Pay attention to the cost of the home loan after adjusting for income tax benefits; EPF subscribers above 50 years of age should avoid using PF meant for retirement to repay the home loan
Here is a round up of key developments in insurance, home loans, and employee provident fund
Once the proposal is okayed by the Finance Ministry, which is expected soon, the EPFO would credit the interest amount at 8.65% rate in subscriber accounts as against 8.55% earlier
The proposal by the Labour and Employment Ministry to reduce worker’s contribution to the Employees’ Provident Fund to improve in-hand salaries is not a good idea
Higher EPF interest means Rs 7 lakh more for a 25-year old who contributes Rs 5000/month till 60, assuming the PF contribution and interest remains the same
The Employees’ Provident Fund Organisation (EPFO) has loosened up withdrawal rules for the EPF account
The Employees’ Provident Fund has declared 8.55% as the interest rate on the EPF for FY 2017-18. This is the lowest rate in five years.
The EPFO also reportedly sold investments in equity worth Rs 2,886 crore to be able to pay this rate
The share of EPF money going to equities may be hiked from 15% to 25%. However, this feature may only be offered to employees on high salaries
The Government is likely to increase the wage limit for coverage by the Employees’ Provident Fund (EPF).
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