Latest news with #AnuragJain
Mint
19-05-2025
- Business
- Mint
Four issues you may face if you switched jobs but did not transfer your provident fund
NEW DELHI : When we switch jobs, we are told to transfer our employee provident fund (EPF) to the new employer. This requires filling out Form 13. Some people ignore this, and in some cases, it doesn't happen even after they apply for it. We have compiled five reasons why you must transfer your EPF to avoid challenges that you may face later. Partial withdrawal You may want to withdraw some of your PF balance for home purchase, home loan repayment, marriage or self or children's education. If your previous accounts haven't been merged with the latest and you still apply for partial withdrawal, the Employees' Provident Fund Organisation (EPFO) will only consider the balance in your existing PF account to determine the permissible withdrawal limit. This may drastically reduce your withdrawal eligibility. Also Read: The EPFO's ATM plan is good but it must resolve its pension muddle first For example, your existing account only has ₹1 lakh balance, while your previous two accounts have ₹5 lakh and ₹10 lakh. One can withdraw up to 50% in the event of marriage. You could have withdrawn up to ₹8 lakh (50% of ₹1 lakh + ₹5 lakh + ₹10 lakh), had you merged the three accounts. If unmerged, you will only be eligible to withdraw ₹50,000 (50% of ₹1 lakh). Issues in final settlement Suppose you leave your full-time job after working at several places. You now want to close your PF account for good. The EPFO allows a 100% withdrawal two months after the exit date if you don't join formal employment elsewhere. You apply for it, but your claim is rejected. Why did the claim get rejected? You wonder! This is because a full and final settlement cannot happen unless previous PF accounts are merged. You must merge all your previous PF accounts into the last account to be eligible for a 100% withdrawal. Multiple UANs If you do not raise a transfer request and your employer assumes you have never been a PF member before, it might create a new UAN (universal account number) for you. "Having multiple UANs can complicate KYC verification, claims processing, and future employment linking with the PF account," said Anurag Jain, co-founder/partner at ByTheBook Consulting LLP. Break in EPS continuity Without a PF transfer, your service duration across jobs doesn't get consolidated. This affects pension eligibility as EPS requires a minimum of 10 years of continuous service. So even if you may have worked for over 10 years, you will not be eligible for pension benefits unless your previous service history gets merged. Also Read: Two ways for the EPFO to give itself an image boost It is also important to understand the concept of exempt and non-exempt employers. Employers maintaining an exempt PF trust manage PF themselves, while the EPFO does it for non-exempt employers. The EPS is handled only by the EPFO in both cases. So, if you have worked with an exempt employer, the withdrawal is possible even if your previous accounts are not merged. If withdrawn, it complicates your PF history because the EPF has been released, but the EPS has not been transferred. Transferring the EPS in such a situation involves an offline process. Always transfer your PF when you switch jobs. Whether it has happened or not, keep track of it online on the EPFO member portal. Ignoring it will complicate your PF and EPS service history. Notably, the EPFO has implemented auto-transfer of PF on change of employment if both employers are non-exempt, provided your UAN is fully KYC compliant. Also Read: EPFO alert! How to avoid, deal with rejections, delays
Time of India
29-04-2025
- Business
- Time of India
Madhya Pradesh government eyes to make SADA an investment centre: Chief Secretary Anurag Jain
India's central state is looking to redevelop the Special Area Development Authority (SADA) in Gwalior for multiple industrial sectors and make it an 'attractive investment hub' for domestic and multinational companies, a top official told ET. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats "The initiatives are aligned with the state's strategy to integrate with global value chains and attract long-term investments in manufacturing, electronics, and renewable sectors as well as other sunrise sectors," MP Chief Secretary Anurag Jain said. The special area in Gwalior, will be redeveloped after three decades, in PM Gati Shakti mode to offer a comprehensive infrastructure and logistics efficiency, promoting holistic economic development, and new employment opportunities. In 1992, the state government launched the SADA scheme in a bid to portray West Gwalior as a counter-magnet area, but it faced challenges including delays in its implementation. In April 2000, the special purpose initiative was given jurisdiction over 28,102 hectares of Gwalior district, and an additional 1,912 hectares of area in Morena district. Owing to the proximity with the national capital region (NCR), the special region would boost Gwalior as one of the country's preferred investment and expansion destinations, for manufacturers. The area is strategically located with Agra-Gwalior Expressway construction in full swing that is expected to reduce the travel time between Delhi and Gwalior, connecting it directly with major gateways and enhancing the trade and commercial activities. The improved connectivity is already positioning Gwalior and its surrounding regions, such as Morena, as attractive destinations for industry sectors. With closer proximity to the NCR's established IT and electronics ecosystem, this corridor enhances the viability of setting up tech parks, data centers, and logistics hubs in Madhya Pradesh—strengthening the state's position as a cost-efficient, high-potential hub for digital and telecom investment, the official added. The expressway, likely to be completed in 2028, is one of the integral constituents of India's central expressway spine which will ultimately link Delhi to Bangalore, and other key southern locations. Recently, the state government has set up a mega footwear and accessories cluster in Morena. Chief minister Mohan Yadav-led state recently unveiled a host of schemes to boost industrial development. These include ease and reduced cost of doing business, exemption from statutory approvals, and GIS-enabled land management and allotment system. MP Industrial Promotion Policy 2025 is designed to directly attract and retain foreign direct investment (FDI). Anchor companies, according to the policy documents, would be eligible for up to 20% additional subsidy basis scale of FDI, and technology transfer incentives up to ₹1 crore for overseas technology transfers. The Madhya Pradesh government has also reached out to telecom industry groups such as the Telecom Equipment Manufacturing Association (Tema) and India Cellular & Electronics Association (Icea), showcasing the designated area's prowess. The state is also aiming to empower micro, small and medium enterprises (MSME) with 100% reimbursement of expenses on filing patents and trademarks, design and product development grants, marketing assistance, and creation of working women hostels to increase equal gender participation.
Axios
24-04-2025
- Business
- Axios
Major League Cricket moving to Grand Prairie ahead of its third season
Major League Cricket is moving its headquarters from San Francisco to Grand Prairie as part of its plans to grow the sport in the U.S. Why it matters: Grand Prairie Stadium has become the epicenter of U.S. cricket. The converted minor league baseball stadium has hosted Major League Cricket (MLC) and World Cup matches since opening in 2023, drawing fans with roots in many different countries and piquing advertisers' interest. The big picture: MLC matches are broadcast internationally. Millions tune in and thousands pack the stadiums, even on hot days. Cricket will return to the Olympics in 2028, for the first time since 1900. The latest: Grand Prairie Cricket Stadium will host 12 regular-season MLC matches in the league's third season, along with the playoffs and the final. MLC moved its schedule to June this year to avoid the hotter days in July, Texas Super Kings co-owner Anurag Jain tells Axios. Most of the Grand Prairie matches will be at night. Follow the money: Last year's Men's T20 World Cup infused more than $100 million into the Texas economy, from lodging, flights and dining, league officials say. Grand Prairie hosted four matches. Fun fact: MLC's new CEO, Johnny Grave, has worked in international cricket for almost 25 years and was most recently the CEO of Cricket West Indies. The intrigue: Grand Prairie Mayor Ron Jensen, a longtime baseball fan, says he has become a cricket fan since attending the stadium's inaugural match in 2023.
