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UAN Activation Deadline for EPFO’s ELI Scheme Extended to January 15, 2025

UAN Activation Deadline for EPFO’s ELI Scheme Extended to January 15, 2025

13 January 2025

The Employee Provident Fund Organisation (EPFO) has extended the deadline for activating Universal Account Numbers (UAN) and linking Aadhaar with bank accounts to January 15, 2025. This is mandatory to avail of benefits under the Employment Linked Incentive (ELI) Scheme. Initially set for November 30, 2024, the deadline was extended twice before the latest announcement. …

Last Day to Active UAN Under ELI Scheme? Check If You Missed

Last Day to Active UAN Under ELI Scheme? Check If You Missed

15 January 2025

Hurry, it is the last day to activate the Universal Account Number (UAN) and link Aadhaar to bank accounts under the Employment Linked Incentive (ELI) scheme. EPFO has set January 15, 2025, as the last date. It is crucial for employers to prioritise UAN activation and Aadhaar linkage, especially for employees hired in the current …

What is the Fitment Factor in the 8th Pay Commission?

What is the Fitment Factor in the 8th Pay Commission?

20 January 2025

The Union Cabinet approved the 8th Pay Commission last week, which is set to be implemented starting January 1, 2026. A major part of this revision is the Pay Matrix, which organises salaries based on various job levels.  One important factor in this calculation is the fitment factor, which decides how much the basic pay …

How the 8th Pay Commission May Impact Pensioners?

How the 8th Pay Commission May Impact Pensioners?

20 January 2025

The Union Government has announced the formation of the 8th Pay Commission, marking a significant step toward revising the salaries and pensions of central government employees, including armed forces personnel and pensioners. Union Minister Ashwini Vaishnaw confirmed the announcement on January 16, 2025, stating that the commission will be constituted soon, with its recommendations set …

How Long to Turn ₹1 Lakh into ₹2 Lakh? The Rule of 72 Explained with a Handy Table

How Long to Turn ₹1 Lakh into ₹2 Lakh? The Rule of 72 Explained with a Handy Table

20 January 2025

What is the Rule of 72? The Rule of 72 is a quick and simple formula used to estimate how long it will take for an investment to double at a fixed annual rate of interest. You divide 72 by the annual interest rate (in percentage terms), and voilà, you get the approximate number of …

EPFO Introduces Simplified Process for Member Profile Updates

EPFO Introduces Simplified Process for Member Profile Updates

20 January 2025

The Employees Provident Fund Organisation (EPFO), under the Ministry of Labour & Employment, has taken a significant step towards enhancing member services by simplifying the process for updating member profiles. This initiative reflects EPFO’s commitment to ensuring data accuracy and improving ease of living for its members. Member Self-Approval for Profile Updates The revised process …

How to Easily Transfer Your EPF Account to a New Employer

How to Easily Transfer Your EPF Account to a New Employer

20 January 2025

The Employees’ Provident Fund Organisation (EPFO) has introduced significant reforms to simplify the process of transferring Employees’ Provident Fund (EPF) accounts. These reforms eliminate the need for routing online transfer claims through past or present employers in specified scenarios. This marks a step towards enhancing efficiency and transparency for employees switching jobs. Simplified EPF Transfers: …

Ahead of the 8th Pay Commission, Here’s A Recap of Past Panels Outcomes

Ahead of the 8th Pay Commission, Here’s A Recap of Past Panels Outcomes

18 January 2025

Ahead of the highly anticipated 8th Pay Commission, the Union Cabinet has approved a salary revision for nearly 50 lakh Central government employees. The Central Pay Commissions, typically established once every decade, play a crucial role in evaluating and recommending changes to pay scales, allowances, and benefits for government employees, taking into account key economic factors like …

Banks Offering 8% or Higher Interest on Fixed Deposits

Banks Offering 8% or Higher Interest on Fixed Deposits

17 January 2025

Fixed deposits (FDs) continue to attract risk-averse investors, with several banks in India offering interest rates of 8% or more. Notably, small finance banks dominate this space with higher rates compared to public and private sector banks. Small Finance Banks Offering High FD Rates Small finance banks provide some of the highest FD rates, making …

How Long Will ₹10 Lakh Take to Become ₹40 Lakh at Different Rates? – Using Rule of 144

How Long Will ₹10 Lakh Take to Become ₹40 Lakh at Different Rates? – Using Rule of 144

17 January 2025

Have you ever wondered how long it takes to quadruple your investment? While the Rule of 72 helps you double your money, the Rule of 144 is its big brother, designed to help you determine the time required to multiply your investment by four. It’s a straightforward financial concept that even those new to investing …

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