The Employees Provident Fund (EPF) is a mandatory saving and retirement scheme designed for salaried employees.

The present rules specify that an employee contributes 12% of his basic salary per month to this fund and the employer is obligated to contribute the same amount every month.

The funds in the Provident Fund (PF) account gains interest on an annual basis as per the rate of interest decided and declared by the Government. 

Let us now understand how you can utilise the funds lying in your PF account to fund any eventualities in your life.

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The Finance Minister recently announced an economic relief package to MSME units in the form of collateral free loans. This facility is for standard MSMEs, that is, those MSMEs which were running fine until the Covid-19-induced lockdown disrupted their work.

The total value of this relief package as declared by the Government was to the tune of INR 3 lakh crores.

This credit facility will be like an emergency credit line. Those MSMEs that have an already outstanding loan of up to INR 25 crores and those with a turnover less than INR 100 crores shall be eligible to apply for this credit facility.

These loans shall have tenure of 4 years and will allow a moratorium of 12 months (which means that the payback starts only after the initial 12 months).

This loan can be availed by eligible MSMEs on or before October 31, 2020.

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Replies: 13