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      Employees’ Provident Fund (EPF) Online Grievance Management System: EPFiGMS

      Friday, November 17th, 2017 Amritesh no responses

      Subscribers to Employees’ Provident Fund (EPF) have the option to lodge complaint pertaining to their PF account through the Online Grievance Management portal for prompt action. Subscriber may easily register their complain online and monitor the status on the portal. The process to register the grievance is very simple and easy. However, for registration of any grievance, Subscriber is required to provide their respective valid Unique Account Number (UAN). The portal provides direct platform to the Subscribers to raise their concern in front of competent authority and get their concerns resolved. Employees Provident Fund internet Grievance Management System (EPFiGMS) is the online portal for the Subscribers to register their grievances. It is a common platform for all, Employees, Employer and…

      Employees’ Pension Scheme (EPS): Should You Opt for Deferred Withdrawal?

      Wednesday, August 30th, 2017 Amritesh 4 responses

      Recently, Government made amendments to the Employees Pension Scheme (EPS) norms allowing Subscribers to defer withdrawal of pension (After 58 years) for minimum of 1 year and maximum of 2 years along with additional interest of up to 8.16% on actual pension. The amendments offer two options to the Subscriber with regard to deferred withdrawal of the pension fund. First, the Subscriber may continue to contribute to the Pension Fund for the extended period and the same will be considered while calculating Pensionable Salary and Pensionable Service. Second, the Subscriber decides to defer the withdrawal for 2 years but opts not to contribute during the deferment period. Employees' Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series 2) Calculation Of…

      Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal

      Monday, August 28th, 2017 Amritesh no responses

      Government recently made few amendments to the Employees’ Pension Scheme (EPS). These amendments are aimed at reducing the deficit in Pension Fund and provide Subscribers with an option to receive higher pension. The new changes allow Subscribers to defer withdrawal of pension for 1 year or 2 years after reaching the age of 58 but not beyond 60 years. Member will enjoy an additional increase of 4% in case of deferral for 1 year and 8.16% in case of deferral for 2 years. Members will also have the option to contribute to the Pension Fund till the age of 60 which would be included while calculating pensionable service and contribution period. Members who do not wish to contribute during the…

      Calculation of Pension Under Employees’ Pension Scheme (Series-3)

      Saturday, August 26th, 2017 Amritesh 11 responses

      Employees’ Pension Scheme (EPS) provides pension to the EPF Subscribers on attaining the age of 58 years. However, the amount of pension is determined depending on the pensionable service and contribution period of the Subscriber. I have already posted articles on Benefits available under the Employees’ Pension Scheme. In this post I will discuss the procedure to determine the pension. One may refer to my earlier posts related to EPS in the link provided below:- Employees Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series-2) Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal In case of New Entrants:- (Joining Service After 15.11.1995) Monthly Superannuation/Early Pension = Pensionable Salary X Pensionable Service /70 Pensionable Salary shall be limited to…

      Benefits Under Employees’ Pension Scheme (Series 2)

      Friday, August 25th, 2017 Amritesh no responses

      Employees Pension Scheme (EPS) is extended to the Subscribers of Employees’ Provident Fund (EPF). The Scheme aims to provide regular income to the respective Individuals post retirement to meet his/her basic necessities. The Applicability, Coverage and other provisions of the Act have been discussed in my previous post. You may read my Introductory Post on Employees’ Pension Scheme (EPS) in the link given below: Employees’ Pension Scheme (Series-1): EPS Guidelines Employees' Pension Scheme (Series-3): Calculation of Pension Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal Benefits Under Employees’ Pension Scheme (EPS) is discussed below. Monthly Member’s Pension: Any member shall be entitled to pension:- On Superannuation if he/she has rendered eligible service for 10 years or more and…

      Employees’ Pension Scheme (Series-1): EPS Guidelines

      Thursday, August 24th, 2017 Amritesh 2 responses

      Employees Pension Scheme (EPS) was initiated for the welfare of the Employees post Retirement and provides them with Social Security. In 1971 Central Government launched the Employees’ Family Pension Scheme for providing Family Pension and Life Assurance Benefit to the employees’ which was later merged with the Employees’ Pension Scheme,1995 and Employees’ Deposit Linked Insurance Scheme,1976 for providing benefits to the employees. From 1st September, 2014 few amendments have been made to Employees’ Pension Scheme and we will look at those in this post along with some of the important aspects of the scheme. Few changes made recently to Employees Pension Scheme have also been incorporated. Benefits Under Employees' Pension Scheme (Series-2) Employees' Pension Scheme (Series-3): Calculation of Pension Employees’…

      Employees’ State Insurance Act (ESI)

      Wednesday, July 12th, 2017 Amritesh one response

      Employees’ State Insurance (ESI) Act was introduced with the objective of providing the workers, employees with proper medical care and benefits. The Act has been amended from time to time to extend benefits to more and more employees/workers so as to provide them with a medical cover. ESI was enacted as a part of Social Security and Welfare measure which would provide protection to the working population especially the lower income group in the society. In this post I would cover the Salient Provisions of the Scheme. The Benefits under the Scheme will be covered in another article. More on the ESI Act and EPF. Links provided below:- Salient Features And Benefits Under Employees State Insurance Act (ESI) Employees' Provident…

      Online Withdrawal of Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS)

      Monday, June 5th, 2017 Amritesh no responses

      Employees’ Provident Fund (EPF) and Employees Pension Fund (EPS) withdrawal is a real pain for most of the subscribers. But now online fund withdrawal will be possible. Currently, Subscribers need to wait anywhere between 25 to 35 days for the settlement of their claim. EPFO has issued a notification regarding the same. The online settlement of claim will be made be possible through EPF unified portal which was recently launched by EPFO. Even Claim Transfer while switching jobs is also possible through the Subscriber portal. *The facility for online withdrawal has been launched but it seems that it may need some more time for configuration before becoming functional. The EPFO has also shortened the timeline for settlement of claims from…

      Employees Provident Fund (EPF) Online Claim Transfer

      Friday, May 26th, 2017 Amritesh 2 responses

      Employees Provident Fund (EPF) has made it possible for the Subscribers to transfer claims online through their previous or present employer. Subscribers switching jobs may now submit the transfer claim online, the same will be processed within few days. The option to apply for transfer of claim is available on the EPFO portal. In order to apply for claim transfer online, Subscribers need to activate their UAN. Following which the application for the Transfer Claim may be made. Applying for Transfer of Claims Online Log onto EPFO portal and Click on the Link for Online Claim Transfer Portal. (www.epfindia.gov.in) Check Eligibility for Online Transfer of Claim through the option made available to the Subscribers- This can be done by providing…

      Employees Provident Fund (EPF): Withdraw 90 per cent of the Fund to Buy a House or Payment of Home Loan EMI

      Wednesday, May 24th, 2017 Amritesh no responses

      Employees Provident Fund (EPF) Subscribers may now withdraw up to 90% of their Provident Fund (PF) to pay for the down payment/EMI towards purchase of a new house. EPFO has now allowed subscribers to withdraw accumulations from the Fund by amending the Act. The new paragraph 68-BD will enable Subscribers to withdraw up to 90% of the fund from their account. Norms have been relaxed to encourage Subscribers to buy their own home. As Government has set a target of “Housing for All by 2022”. The move will benefit more than 4 crore Subscribers to the EPF. The withdrawal will include Employee’s contribution as well as Employer’s Contribution along with accumulated interest. However, the EPFO has set down certain prerequisites…