Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
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“The present rate of contributions for employees is 12% of only basic DA and not 24% as given in the caption. Further, out of 12% contributed by employer 8.33 is invested in pension fund, out of which employees receives his pension. The remaining 3.67% is added in employees' share of provident Fund. Thus, just by contributing 12% of a Employee gets 15.67% every in his account, which can be withdrawn by employee at the time of leaving the job. he can also withdraw for approved purposes like purchase of house, marriage of children, self in case of unmarried persions , medical treatment and higher education for children. Further employee's portion of PF earns interest. Currently, the rate of interest is 8.75% which is higher 8.5% earned in GPF by central Govt. Employees”.
Those who are saavy enough to save for their retirement on their own will be able to better utilize the funds than EPFO is doing now. Infact the employer's 12% contribution is a total waste in its current incarnation as EPS does not get any interest.
I say give the employees option to opt-out of the entire 24% contribution and instead receive it as bonus to salary.