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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…

Pension Calculation Under Employees’ Pension Scheme

Saturday, December 1st, 2018 Amritesh 131 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…

Employees’ Deposit Linked Insurance Scheme (EDLI), 1976

Tuesday, March 6th, 2018 Amritesh 3 responses

Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are the Social Security Welfare measures adopted by the Government in the best interest of the individuals. Employee Deposit Linked Insurance Scheme (EDLI) was launched as a Statutory Benefit applicable to all the Employees covered under the Employees Provident Fund and Miscellaneous Provisions Act,1952. EDLI 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 applicable under the act. It is an assurance benefit extended to the Members of the Employees’ Provident Fund (EPF). Employees' Provident Fund…

Withdrawals And Advances Under EPF

Monday, March 5th, 2018 Amritesh no responses

Subscribers to Employees’ Provident Fund (EPF) are eligible for Withdrawals and Advances subject to fulfillment of certain conditions relating to service and purpose for availing it. Subscribers may also apply for Withdrawals and Advances online through the EPFO’s unified portal. Members of EPF are required to log on to the EPF Members portal using their UAN and Password. After logging on to the Member Interface, Subscriber is required to go to "Online Services" Section and apply for claim under the same. However, to be able to apply for the Withdrawals and Advances online, Subscriber is required to seed his/her Aadhaar ID, PAN and Bank Account Number with the respective UAN (Universal Account Number). Once all the details are uploaded it…

Benefits Calculation Under Gratuity Act

Saturday, December 16th, 2017 Amritesh 5 responses

Gratuity is provided to Employees in recognition of their service rendered to the Organization. The minimum tenure of service to be eligible for Gratuity is 5 years (4 years and 240 days). Benefits Calculation Under Gratuity Act is simple and easy to understand. 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 on the same. Refer to the link shared below. Gratuity Act 1972 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)…

Payment of Gratuity Act

Friday, December 15th, 2017 Amritesh 3 responses

Gratuity is a benefit extended to the Employees in gratitude of the service rendered to the Organization/Employer. Gratuity like other Statutory Benefits like Provident Fund and Pension Fund is received by the employee at the end of their employment tenure. Gratuity Act was introduced in 1972 as Payment of Gratuity Act, 1972. However in the Appointment Letter, Annual Increment letter you will find CTC includes the Gratuity as well. In fact, while arriving at Cost to Company (CTC) for an employee, the gratuity is calculated as 4.83% of the Salary. Thus it is a component of Individual’s Compensation package (Salary). Calculation of Gratuity Benefits Now let’s understand the Gratuity Act and benefits for the employees’. Applicability The Act is applicable…

Employees’ Pension Scheme (EPS): Should You Opt for Deferred Withdrawal?

Wednesday, August 30th, 2017 Amritesh 6 responses

Recently, Government made amendments to the Employees Pension Scheme (EPS) norms allowing Subscribers to defer withdrawal of pension (After 58 years) for minimum of 1 year and maximum of 2 years along with additional interest of up to 8.16% on actual pension. The amendments offer two options to the Subscriber with regard to deferred withdrawal of pension fund. First, the Subscriber may continue to contribute to the Pension Fund for the extended period and the same will be considered while calculating Pensionable Salary and Pensionable Service. Second, the Subscriber decides to defer the withdrawal for 2 years but opts not to contribute during the deferment period. Higher Pension Under EPS For Members Employees' Pension Scheme (Series-1) Benefits Under Employees' Pension…

Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal

Monday, August 28th, 2017 Amritesh 7 responses

Government recently made few amendments to the Employees’ Pension Scheme (EPS). These amendments are aimed at reducing the deficit in Pension Fund and provide Subscribers with an option to receive higher pension. The new changes allow Subscribers to defer withdrawal of pension for 1 year or 2 years after reaching the age of 58 but not beyond 60 years. Member will enjoy an additional increase of 4% in case of deferral for 1 year and 8.16% in case of deferral for 2 years. Members will also have the option to contribute to the Pension Fund till the age of 60 which would be included while calculating pensionable service and contribution period. Members who do not wish to contribute during the…

Benefits Under Employees’ Pension Scheme (EPS)

Friday, August 25th, 2017 Amritesh one response

Employees Pension Scheme (EPS) is extended to the Subscribers of Employees’ Provident Fund (EPF). The Scheme aims to provide regular income to the respective Individuals post retirement to meet his/her basic necessities. The Applicability, Coverage and other provisions of the Act have been discussed in my previous post. You may read my Introductory Post on Employees’ Pension Scheme (EPS) in the link given below: Employees’ Pension Scheme (Series-1): EPS Guidelines Employees' Pension Scheme (Series-3): Calculation of Pension Employees’ Pension Scheme (EPS): Increase Your Pension with Deferred Withdrawal Benefits Under Employees’ Pension Scheme (EPS) is discussed below. Monthly Member’s Pension: Any member shall be entitled to pension:- On Superannuation if he/she has rendered eligible service for 10 years or more and…

Employees’ Pension Scheme (EPS)

Thursday, August 24th, 2017 Amritesh 10 responses

Employees Pension Scheme (EPS) was initiated for the welfare of the Employees post Retirement and provides them with Social Security. In 1971 Central Government launched the Employees’ Family Pension Scheme for providing Family Pension and Life Assurance Benefit to the employees’ which was later merged with the Employees’ Pension Scheme,1995 and Employees’ Deposit Linked Insurance Scheme,1976 for providing benefits to the employees. From 1st September, 2014 few amendments have been made to Employees’ Pension Scheme and we will look at those in this post along with some of the important aspects of the scheme. Few changes made recently to Employees Pension Scheme have also been incorporated. Benefits Under Employees' Pension Scheme (Series-2) Employees' Pension Scheme (Series-3): Calculation of Pension Employees’…

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