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Online Withdrawal of Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS)

Monday, June 5th, 2017 Amritesh 7 responses

Employees’ Provident Fund (EPF) and Employees Pension Fund (EPS) withdrawal is a real pain for most of the subscribers. But now online fund withdrawal is possible. Online withdrawal of EPF and EPS Fund helps Individual to settle claims without having to wait for the respective Employer to initiate the process. The online settlement of claim is made possible through EPF unified portal which was recently launched by EPFO. Even Claim Transfer while switching jobs is also possible through the Subscriber portal. This has made online withdrawal of EPF and EPS Fund easy and simple. *The facility for online withdrawal has been launched and it is completely functional. The EPFO has also shortened the timeline for settlement of claims from 20 days to…

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 25 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…

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 31 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. Few more amendments in Payment of Gratuity Act has been proposed. 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…

Minimum Wages Act,1948

Saturday, December 31st, 2016 Amritesh 2 responses

  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…

Income from Salaries: Tax Implications

Sunday, August 28th, 2016 Amritesh 2 responses

“Salary” is any remuneration paid by an employer to the employee in lieu of the service provided by him/her. Salary may include monetary and non monetary benefits which are taxable as per the Income Tax Act. Any payment made by the employer to employee in lieu of service is chargeable to tax. Salary has a much wider meaning for taxation purpose than it is normally understood. Income from Salaries comprises of various components and we will discuss the tax implications on the same.  Salary includes; Wages Fees, Commission, Perquisites or Profits in Lieu of Salary Advance Salary Leave Encashment Fund transferred from Unrecognized Provident Fund to Recognized Provident Fund Compensation due to variation in Service Contract Contribution to Recognized Provident…

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