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      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…

      Employees’ State Insurance Act (ESI): Benefits and Features

      Friday, May 1st, 2015 Amritesh 2 responses

      Employees' State Insurance Act (ESI) is social security and welfare scheme aimed at providing medical care and other related benefits to the workers/employees working in various factories and establishments. ESI acts as a Medical Insurance cover to employees/workers and his immediate family members. Huge Infrastructure has been built up for the same purpose. ESI Hospitals, Dispensaries, Specialist Centers and Clinics are setup throughout the country to provide medical care to the members covered under the ESI Act. Apart, from their own setup ESI Authorities have also entered into arrangements with other Institutions to provide the best medical care. In my previous post I have covered the Salient Provision of the Act. In this post I will discuss the features and…

      Benefits Calculation Under Gratuity Act

      Sunday, December 7th, 2014 Amritesh one response

      In my earlier post I have discussed about the Gratuity Act,1972 and the salient features of the act. Here I would discuss the calculation of Gratuity and Tax Liability of same.Follow the Link to Read Salient Features about the Gratuity Act,1972.Gratuity Act,1972: For Employees'HOW DOES IT WORK?Every employer has to obtain insurance for his liability to pay gratuity from a Life Insurer. But if an employer has already established an approved Gratuity Fund [as per Section 2(5) of the Income Tax Act] or who having an approved gratuity fund with atleast 500 employees, may claim exemption from mandatory insurance.Every Employer should get his Establishment registered with the Controlling Authority.CALCULATION OF GRATUITY Gratuity Payable: 15 days’ wages * No of Completed Years…

      Gratuity Act, 1972

      Friday, December 5th, 2014 Amritesh no responses

      Gratuity is part of the salary that you receive in gratitude for the service offered by him/her to the employer. Gratuity like other Statutory Benefits like Provident Fund and Pension Fund is received by the employee at the end of the tenure. However in your Appointment Letter, Annual Increment letter you will find CTC includes the Gratuity as well. In fact in normal calculation comes out be 4.83% of your salary.Now let’s have an in depth look into the Act and benefits for the employees’.ApplicabilityThe Act is applicable to:-Every factory, mine, shop, plantation, oilfield and any establishment governed by Shops and Establishment Act of the State.Any establishment wherein 10 or more persons are employed, or were employed on any day…

      Payment Of Bonus Act 1965 (Amendment 2015)

      Tuesday, November 25th, 2014 Amritesh one response

      In this article I will speak about the Payment of Bonus Act, 1965 which is a statutory benefit for the employees and does not cover any performance linked incentive, bonus or commission. It is a Statutory binding for the Employers to pay Bonus to the Employees covered under the Act.The Last Amendment was made on 1st January,2016 with the applicability effective retrospectively from 1st January,2014.ApplicabilityThe Act extends to the whole of India and is applicable to every factory (as defined under Factories Act) and to every establishment wherein 20 or more workmen are employed on any day during the accounting year.Central/State Government can however, extend its provisions to any establishment employing less than 20 but more than 10 persons. Even…

      Universal Account Number (UAN): Registration and Subscribers Guide

      Thursday, October 30th, 2014 Amritesh no responses

      Universal Account Number is launched for Provident Subscribers who have contributed to the fund between 1st January,2014 and 30th June,2014 and beyond.Employers have been seeded to complete the KYC for their respective employees. Employees are required to submit copies of documents like PAN, Passport, Voter ID Card to complete the process.Following which Employers will be provide their respective employees with the UAN.Subscribers to the EPF can follow the links provided below to check their UAN status and also find the procedure to get themselves registered. They can access their account once they get registered.UAN will help you in paperless transfer of fund, get monthly fund updates and also e-Passbook for your PF account.Follow the links provided below to check your…

      Employees’ Provident Fund (EPF) Portability: Universal Account Number and its Features

      Wednesday, October 29th, 2014 Amritesh 5 responses

      I have posted about EPF in my previous article which you can follow through the link provided below. Here I will discuss about the newly introduced EPF portability (UAN and its Features). Universal Account Number (UAN) will cover all the subscribers contributing to Employees’ Provident Fund Scheme. This system will benefit approximately around 41.7 million subscribers to EPF. This drive is initiated as part of the Social Security and Labour Reforms which would benefit the Individuals and protect their long run interest. However initially, UAN has been allotted to Subscribers who have contributed to PF between 1stJanuary,2014 to 30th June,2014 and beyond.UAN will ensure that Subscriber is easily able to transfer his PF account to the new organization when he…

      How does the Amendments to the Statutory Benefits Affect Employees: An Illustration

      Sunday, October 26th, 2014 Amritesh no responses

      The Government of India (Ministry of Labour & Employment) recently issued notification regarding the amendments to the Employees Provident Fund Scheme,1952 (EPF),Employee Pension Fund,1995 (EPF), and Employees Deposit Linked Scheme,1976 (ELDI) which came into effect from 1st September,2014.The changes were aimed at improving the social security provided to the employees. The changes are Employee friendly as more employees will be inducted into the EPF and EPS scheme. The amendments ensured that minimum Monthly Pension for retired employees be fixed at Rs 1,000/- which previously stood at Rs 250/-.You can follow series of articles in this issue on my blog. I have posted an article where you will find amendments made in this regard. Here I will illustrate the changes which will impact…

      Amendments In Statutory Benefits For Employees’ And It’s Impact: Provident Fund, Pension Fund, Deposit Linked Insurance

      Saturday, October 25th, 2014 Amritesh 2 responses

      The Ministry of Labour Laws by notification dated 22nd August,2014 amended Employees Provident Fund Act,1952 effective 1st September,2014. You can read about Employees' Provident Fund in the link given below.Universal Account Number (UAN): Guidelines for SubscribersWithdrawals and Advances Under Employees' Provident Fund SchemeEmployees' Provident Fund SchemeThe highlights are as follows:-Amendments with respect to Contributions to the Employee Provident Funds (EPF)The wage ceiling of Rs 6500/- has been raised to Rs 15,000/- for the purpose of calculating the EPF. Thereby all the employees who fall under the bracket of Rs 6500/- to Rs 15,000/- will now be covered under the EPF.New entrants with Basic wage exceeding Rs 15,000/- may not opt for the EPF.EPF will continue to earn interest on the fund as prescribed by the…