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      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 claim 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  transfer claim 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.  EPF Withdrawal 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…

      Employees’ Provident Fund Scheme 1952

      Monday, April 17th, 2017 Amritesh 3 responses

      Employees’ Provident Fund Scheme, 1952 came into effect on 4th March,1952. It is a statutory body under the Government of India and under the regulation of Ministry of Labour and Employment. It was introduced to provide a form of Social Security to the Workers and Employees and safeguard their future. It provides lumpsum benefits to the subscribers on retirement. Employees’ Provident Fund (EPF): Latest Recommendations Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement The Act also covers:- Employees' Pension Fund (EPS) Employees' Deposit Linked Insurance Fund (EDLI) APPLICABILITY OF THE ACT Every establishment which is a factory engaged in any Industry specified in Schedule I and in which 20 or more people are employed. Any Establishment employing more than 20 people…

      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 10 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…