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EPF Grievance Management System: EPFiGMS

Wednesday, April 17th, 2019 Amritesh 123 responses

Subscribers to Employees’ Provident Fund (EPF) have the option to lodge complaint pertaining to their PF account through the online EPF Grievance Management (EPFiGMS) system for prompt action. Employees Provident Fund internet Grievance Management System (EPFiGMS) platform provides direct communication between the Members and EPFO. Enabling Members to raise their concern in front of competent authority and get their concerns resolved online. The process to register the grievance is very simple and easy. However, in order to register any EPF related grievance, Subscriber is required to provide their active Unique Account Number (UAN). Higher Pension Under EPS For Members Employees' Pension Scheme (EPS) Deferred Withdrawal Calculation of Pension Under Employees' Pension Scheme (EPS) Withdrawals and Advances Under EPF EPF Grievance…

Higher Pension Under Employees Pension Scheme

Thursday, April 11th, 2019 Amritesh 3 responses

Higher Pension under Employees Pension Scheme (EPS) for the EPF members is a reality now. EPF Members have finally got reason to cheer as the Honorable Supreme Court dismissed the petition filed by the EPFO seeking restraint on the verdict passed in 2018 by the Kerala High Court to provide pension to all retiring employees on full salary. Now, EPS members have the opportunity to avail higher pension provided they are willing to contribute 8.33% of full salary to the EPS Fund. Currently, Members contribution to EPS is capped At Rs 15,000/- which reduces the pension amount to the subscribers. However, if an Individual is interested in increasing the pension he/she may do so through the employer by sending an…

EPF Balance Transfer Online For Employees

Saturday, March 16th, 2019 Amritesh 11 responses

Employees Provident Fund Organization (EPFO) has made it possible for the Subscribers to transfer their respective EPF Balance (contributions & interest) online through their previous or present employer. Currently, Subscribers need to manually submit the Transfer claim request.  However, starting next financial year EPFO is planning to do away with the manual process and introduce automated balance transfer for the Subscribers. This would benefit Employees during job switch. The system automation would allow EPFO to transfer the balance to the active EPF account of the Employee. The EPFO will automatically transfer EPF balance from the previous employer to the current EPF account, as the new employer files the monthly return.  The option of EPF Balance Transfer Online is available on…

Pension Calculation Under Employees’ Pension Scheme

Saturday, December 1st, 2018 Amritesh 108 responses

Employees’ Pension Scheme (EPS) was introduced to provide pension cover to EPF Subscribers on attaining the age of 58 years. However, the amount of pension is determined based on the pensionable service and contribution period of the Subscriber, subject to minimum pension of Rs 1,000/- per month. I have already posted article on Benefits available under the Employees’ Pension Scheme. In this post I will discuss the process related to Pension Calculation. One may refer to my earlier posts related to EPS in the link provided below:- Higher Pension Under EPS For Members Employees Pension Scheme (Series-1) Benefits Under Employees' Pension Scheme (Series-2) Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal EPF Online Balance Transfer Pension Calculation, In case…

The Payment of Wages Act

Tuesday, May 29th, 2018 Amritesh no responses

Payment of Wages Act was introduced in 1936 with the objective of protecting the interest of the Individuals employed in Establishments and Factories. The Payment of Wages Act is aimed at ensuring that the Employees receive the due payments on time at regular intervals without any unauthorized deductions. The Act is examined from time to time and amended in view of changes in the economic scenario to protect the interest of the employees/wage earners. Thereby, it ensures that the salary/wage is paid regularly and without any undue deductions. Minimum Wages Act The Payment of Wages Act attempts to eliminate any such malpractices adopted by the Employer/Establishment to deprive the Employee of the rightful wage and ensure uniformity in payment of…

The Contract Labour (Regulation and Abolition) Act, 1970

Saturday, May 26th, 2018 Amritesh one response

The Contract Labour (Regulation and Abolition) Act, 1970 aims at regulating employment of contract employees hired by the employers and extending certain benefits to such employees as prescribed under the Labour Laws. The Contract Labour Act attempts to provide basic cover to the employees and ensure they do enjoy certain rights which are at par with the benefits extended to directly employed individuals. Respective Government is empowered to prohibit deployment of Contract Labour in any process and in any establishment, if it is of the opinion that conditions laid out under the Act is not being followed by the respective employers. Purview and Extent of Contract Labour Act The Act extends to whole of India. It is applicable to- #Every…

Strategic Human Resource Management (HRM): Role and Impact On Performance Management

Monday, April 30th, 2018 Amritesh no responses

Organizations for long have tried to explore ways to develop an effective Performance Management System (PMS) which would be able to focus on bringing out the best in the Employees, allowing organizations to achieve its objectives as per the vision set for the same. Performance Management is most talked about aspect in Human Resource Planning and Management as it is seen as primary driver to attract and retain talent. However, in the modern scenario with organization adopting extensive technology driven practices, one needs to evaluate the use of Traditional Performance Management tools. The need is to develop new simple yet systematic Performance Management System (PMS) which is easily understood and interpreted. The complex assessment of Performance may not be productive…

Payment of Gratuity (Amendment) Act, 2018

Thursday, April 26th, 2018 Amritesh 2 responses

The provisions under the Payment of Gratuity Act had already been discussed previously along with the details pertaining to the benefits and calculation of Gratuity under the Act. The links to the post is provided below. In this post, I will briefly discuss about the amendments made to the Act recently. Payment of Gratuity (Amendment) Act, 2018 came into force on 29th March, 2018. The amendment is a welcome move for the individuals as it enhances the maximum benefit under the Act from 10 lakhs to 20 lakhs. The enhancement in Gratuity Benefit is bound to delight the private sector employees and bring them at par with the Government Employees. The Government Employees already enjoy the enhanced benefit post implementation…

Employee Life Cycle Management Modern Perspective

Tuesday, April 10th, 2018 Amritesh one response

Human Resource Management (HRM) encompasses the Employee Life Cycle Management in an organization. Human Resource Personnel play a major role in facilitating the Employee Life Cycle process. Employee Life Cycle Management is the identification of stages an Individual goes through during his/her tenure in any organization. Human Resource Department has the role of enabling the entire process and ensuring that the transition into each stage is well defined and structured. However, in the changing Business Scenario and Economy, each stage of the Employee Life process has assumed greater significance. Stages in Employee Life Cycle Management Employee Life Cycle process kicks in as soon as Recruitment process is initiated within an organization and continues as long as an employee continues to…

Balance Scorecard (BSC) Performance Management System

Sunday, April 1st, 2018 Amritesh 2 responses

Balance Scorecard (BSC) is widely used as strategic business management and planning tool to analyze critical areas of business. BSC helps organizations to set the desired performance benchmark which would enable them to achieve pre determined Strategic Targets and gain competitive edge over the peers. Balance Scorecard (BSC) was introduced in the 1992 by Kaplan and Norton. Prior to it, an organization “Analog Devices” had designed something similar in 1987. BSC aims at providing a balanced perspective about the organizational goals and performance. Today, Balance Scorecard (BSC) Performance Management System is widely used by Organization for Strategic Management Planning. Performance Management System (PMS) Earlier, only the Financial perspectives were taken into consideration to understand the position of the business. However,…

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