Pension Commutation: Employees’ Pension Scheme (EPS)

Saturday, January 11th, 2020 Amritesh no responses

In a major relief to EPS Pensioners, EPFO has amended the Employees’ Pension Scheme (EPS’95) to restore the Pension Commutation; the option was withdrawn in 2009. EPF Subscribers eligible for pension under EPS had been demanding for amendment to restore Commutation, or advance partial withdrawal under the Scheme. All about Employees’ Pension Scheme (EPS) The decision to restore the Commutation of Pension will benefit Individuals availing the option at the time of retirement, in form of lump sum payout. Option to commute the pension was withdrawn more than 10 years ago. Commutation of Pension allows the Pensioner to withdraw lumpsum from the pension corpus by commuting 1/3 of the pension for a period of 15 years. The full pension is…

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…

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…

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,…

Performance Management System (PMS): Challenges and Need

Tuesday, March 13th, 2018 Amritesh no responses

Performance Management System (PMS) is the strategic process by which an organization measures the performance of the employees in order to reward their contribution towards the organization growth and success. Organization constantly strives to improve the efficiency of the employees in order to develop their skills and managerial capabilities. This would allow the organization to achieve its “Vision” through the “Missions” laid down. Performance Management System (PMS) has gained significance with the rise in demand for niche skills and evolution of technology which requires organizations be to nimble footed in order to adopt new strategies for survival, as well as create a pool of talents with required skills/expertise to meet the ever changing demands of the industry. Organizations are still…