523799total sites visits.

      Employees’ Provident Fund (EPF): Interest Rate, Recommendation on Loyalty Bonus and Insurance Benefit Under ELDI

      Friday, April 14th, 2017 Amritesh no responses

      The EPFO has clarified that Subscribers to EPF Fund will receive an interest of 8.65% on the contribution for the Financial Year 2016-17. The clarification comes after reports suggested that Finance Ministry was looking to reduce the rate to 8.20% for the financial year as the rates for small savings scheme were slashed by 0.10% earlier in the month. Employees Provident Fund: All You Need To Know The Central Board of Trustees (CBT), apex decision making body of EPFO has also recommended following reforms for the benefit of the subscribers to the fund. The recommendations require the approval of the Government to be implemented. Initially, the benefits will be applicable for 2 years and will be reviewed on expiry of…

      Maternity Benefit Act (Amendments) 2017

      Thursday, March 30th, 2017 Amritesh 8 responses

      The Maternity Benefit Act is aimed at regulating employment of women employees in certain establishments for periods before and after child birth to provide maternity as well as certain other benefits. Additional benefits may also be extended as per the provision of the State Act or as per the company policies. The Act is in place to protect the rights of the female employees and ensure that employers do not violate the benefits applicable to them. Establishment needs to ensure that the provisions of the Act is strictly adhered to and any violation will attract legal prosecution. The Objective of the Maternity Benefit Act is to ensure that the well being of the mother and the child is not compromised…

      Withdrawals And Advances Under EPF

      Sunday, March 26th, 2017 Amritesh no responses

      Subscribers to Employees’ Provident Fund are eligible for Withdrawals and Advances subject to certain conditions relating to service and purpose for availing it. New Composite Claim Form (CCF) has been issued for the same along with relaxation in the document requirements for the withdrawal. Please refer to the form shared below. Withdrawal and Advances are available to the Employees’ for the following Purposes:- Marriage/Education Treatment Purchase or Construction of Dwelling House Repayment of Housing Loan Addition/Alteration of House Repair of House Lockout Withdrawal Prior Retirement Other Advances For Marriage/Education Medical Treatment Purchase or Construction of Dwelling House Repayment of Housing Loan For Purchase of Site/Plot Addition/Repair/Alteration of House Lockout If the company is closed for more than 15 days and…

      Employees’ Provident Fund Scheme: Composite Claim Forms For Fund Withdrawal (CCF)

      Friday, March 3rd, 2017 Amritesh 3 responses

      The Employees’ Provident Fund Organization (EPFO) has been introducing changes to simplify the withdrawal process for the Subscribers to the Employees’ Provident Fund (EPF). Recently, the EPFO has introduced a single page Composite Claim Form (CCF) which would ensure hassle free claim processing for the subscribers whose Aadhar Number and Bank details have been seeded with the Universal Account Number (UAN). The EPFO has taken measures to smoothen the claim process, the changes pertaining to the same has been discussed below. CCF (Non Aadhar) has also been issued for Subscribers yet to seed their account with UAN. EPFO in its pursuit to make the service more transparent and efficient as part of their e-governance drive has introduced multiple reforms including…

      Amendments In Payment Of Gratuity Act: Proposed

      Sunday, February 26th, 2017 Amritesh 24 responses

      Gratuity Payment Act is expected to be amended soon. In the recently concluded tripartite meeting it has been decided that the Tax Free Gratuity limit to be enhanced to Rs 20 lakhs from Rs 10 lakhs to bring it at par with the Government employees who enjoy similar benefits as per the recommendations of the 7th Pay Commission. Official Notification on the same is expected soon. The recommendation to increase the Tax Free Gratuity to Rs 20 lakhs has been agreed upon by the Labour Ministry and the Central Unions. The move will benefit Individuals employed in the private sectors. Along with it, host of other reforms were also suggested to the Ministry of Labour by the Central Unions which…

      Minimum Wages Act,1948

      Saturday, December 31st, 2016 Amritesh one response

        Minimum Wages Act envisages to fix minimum standard wage in scheduled employments thereby protecting the interest of the wage earners. The Act aims to eradicate the exploitation of labour at the hands of the respective employers. The Act also provides provision for maximum daily working hours, periodic rest day and also overtime wages. It lays out provision to protect the interest of the employees and provide them with minimum wage deemed ideal to sustain themselves and their dependents.   Coverage and Applicability Minimum Wages Act extends to whole of India and is applicable to all the establishments employing one or more Individuals included under the Scheduled Employment list. Every Employee working in any scheduled employment is covered under the…

      Amendments to Employees State Insurance Corporation (ESIC), 2016

      Friday, December 30th, 2016 Amritesh no responses

        Employees State Insurance Corporation (ESI) has witnessed quite a few amendments in the last few months which are aimed at improving the healthcare benefits extended to the employees covered under the Act. The latest amendments to ESI are aimed at bringing more individuals under the scheme which would also include their dependents under the fold. The social security schemes are aimed at improving the standard of living and provide better healthcare facility to the Individuals. Amendment also tries to expand the coverage in terms of reach so that more and more Individuals across the nation are included under the scheme.   Employee State Insurance (ESI) Salient Features And Benefits Under Employees State Insurance Act (ESI) Wage Ceiling Hiked The…

      Income from Salaries: Tax Implications

      Sunday, August 28th, 2016 Amritesh 2 responses

      “Salary” is any remuneration paid by an employer to the employee in lieu of the service provided by him/her. Salary may include monetary and non monetary benefits which are taxable as per the Income Tax Act. Any payment made by the employer to employee in lieu of service is chargeable to tax. Salary has a much wider meaning for taxation purpose than it is normally understood.  Salary includes; Wages Fees, Commission, Perquisites or Profits in Lieu of Salary Advance Salary Leave Encashment Fund transferred from Unrecognized Provident Fund to Recognized Provident Fund Compensation due to variation in Service Contract Contribution to Recognized Provident Fund in excess of prescribed limit by the respective employer. Contribution to Notified Pension Scheme by the…

      Employees’ Deposit Linked Insurance Schemes (ELDI), 1976 (Amended)

      Sunday, November 15th, 2015 Amritesh 3 responses

      Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are some of the Social Security Welfare measures adopted by the Government in the best interest of the individuals. Employee Deposit Linked Insurance Scheme (ELDI) was launched as a Statutory Benefit applicable to all the Employees covered under the Employees Provident Fund and Miscellaneous Provisions Act,1952. ELDI is the Life Insurance cover extended to the Employees and is payable to the nominee in case of death of the subscriber while he/she is subscriber to the Fund. It is payable to the nominee in addition to the Provident Fund deposits and Pension Benefits eligible under the act.Employees' Provident Fund SchemeEmployee State Insurance (ESI)Employees' Pension Scheme (Series-1)APPLICABILITYThe Act is extended to all the…

      Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement

      Sunday, October 25th, 2015 Amritesh 4 responses

      Employees’ Provident Fund Organization (EPFO) is planning launch the online PF withdrawal facility by August,’16 end. It will not only reduce the paperwork for the statutory body but will also ensure faster settlement of claims. Individuals will be able to withdraw their PF online and won’t need to wait for months to get their dues. EPFO has currently got over 5 crore subscribers and the manual process is pretty time consuming. It has been trying to move to a digital platform for quite some time now and launch of Unique Identification Number (UAN) last year was a significant step towards the same. EPFO is already in the process of digitizing and setting up Central Data centres to facilitate the process.EPFO…