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Salary Structure & Components

Saturday, September 7th, 2019 Amritesh one response

Salary is paid in lieu of service provided by an Employee to the Employer in accordance to the terms agreed upon in the Employment Agreement. Employer is also required to make legitimate deductions from the Salary as per the provisions of the Statutory Acts. Salaried Individuals need to understand the Salary Structure & Components in order to efficiently minimise the out go. Deduction from Salary includes contribution to Statutory Funds, Tax Deducted at Source (TDS), Professional Tax, etc. Individuals may be able to increase their take home salary by smart planning. This is possible by availing sops intended at providing relief to the Salaried Individuals. Salary Structure & Components: Difference between CTC, Gross Salary and Net Salary Cost to Company…

Benefits under ESI Scheme for Eligible Members

Thursday, July 4th, 2019 Amritesh 3 responses

Employees’ State Insurance Scheme (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 is a Medical insurance for eligible Individuals and his/her immediate family members covered under the scheme. . Benefits under ESI Scheme are not only extended to the Insured person but also their dependents. 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. ESI Scheme…

Employees’ State Insurance (ESI) Scheme

Wednesday, June 19th, 2019 Amritesh 2 responses

Employees’ State Insurance (ESI) Scheme 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 is 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. The ESI Corporation (ESIC) manages the Fund as per the regulations & provisions of the ESI Act, 1948. ESIC is autonomous body formed under Ministry of Labour & Employment, Government of India. Employees covered under the ESI Scheme are entitled to Medical benefit for self…

EPF Grievance Management System: EPFiGMS

Wednesday, April 17th, 2019 Amritesh 212 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 2 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 12 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 147 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…

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