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…

Minimum Wages Act,1948

Saturday, December 31st, 2016 Amritesh one response

  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…

Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement

Sunday, October 25th, 2015 Amritesh 4 responses

Employees’ Provident Fund Organization (EPFO) is planning launch the online PF withdrawal facility by August,’16 end. It will not only reduce the paperwork for the statutory body but will also ensure faster settlement of claims. Individuals will be able to withdraw their PF online and won’t need to wait for months to get their dues. EPFO has currently got over 5 crore subscribers and the manual process is pretty time consuming. It has been trying to move to a digital platform for quite some time now and launch of Unique Identification Number (UAN) last year was a significant step towards the same. EPFO is already in the process of digitizing and setting up Central Data centres to facilitate the process.EPFO…

Employees’ State Insurance Act (ESI): Benefits and Features

Friday, May 1st, 2015 Amritesh 2 responses

Employees' State Insurance Act (ESI) Benefits and Features is aimed at providing medical care and other related benefits to the workers/employees working in various factories and establishments. The purpose of ESI scheme is to ensure that the proper health care facility is available to the majority of the population as it part of the Social Welfare program. 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. In my previous post I have covered the Salient Provision…

Payment Of Bonus Act 1965 (Amendment 2015)

Tuesday, November 25th, 2014 Amritesh 3 responses

In this article I will speak about the Payment of Bonus Act, 1965 which is a statutory benefit for the employees and does not cover any performance linked incentive, bonus or commission. It is a Statutory binding for the Employers to pay Bonus to the Employees covered under the Act. The Last Amendment was made on 1st January,2016 with the applicability effective retrospectively from 1st January,2014.   Applicability The Act extends to the whole of India and is applicable to every factory (as defined under Factories Act) and to every establishment wherein 20 or more workmen are employed on any day during the accounting year. Central/State Government can however, extend its provisions to any establishment employing less than 20 but…

Universal Account Number (UAN): Registration and Subscribers Guide

Thursday, October 30th, 2014 Amritesh no responses

Universal Account Number is launched for Provident Subscribers who have contributed to the fund between 1st January,2014 and 30th June,2014 and beyond.Employers have been seeded to complete the KYC for their respective employees. Employees are required to submit copies of documents like PAN, Passport, Voter ID Card to complete the process.Following which Employers will be provide their respective employees with the UAN.Subscribers to the EPF can follow the links provided below to check their UAN status and also find the procedure to get themselves registered. They can access their account once they get registered.UAN will help you in paperless transfer of fund, get monthly fund updates and also e-Passbook for your PF account.Follow the links provided below to check your…

Employees’ Provident Fund (EPF) Portability: Universal Account Number and its Features

Wednesday, October 29th, 2014 Amritesh 5 responses

I have posted about EPF in my previous article which you can follow through the link provided below. Here I will discuss about the newly introduced EPF portability (UAN and its Features). Universal Account Number (UAN) will cover all the subscribers contributing to Employees’ Provident Fund Scheme. This system will benefit approximately around 41.7 million subscribers to EPF. This drive is initiated as part of the Social Security and Labour Reforms which would benefit the Individuals and protect their long run interest. However initially, UAN has been allotted to Subscribers who have contributed to PF between 1stJanuary,2014 to 30th June,2014 and beyond.UAN will ensure that Subscriber is easily able to transfer his PF account to the new organization when he…

How does the Amendments to the Statutory Benefits Affect Employees: An Illustration

Sunday, October 26th, 2014 Amritesh no responses

The Government of India (Ministry of Labour & Employment) recently issued notification regarding the amendments to the Employees Provident Fund Scheme,1952 (EPF),Employee Pension Fund,1995 (EPF), and Employees Deposit Linked Scheme,1976 (ELDI) which came into effect from 1st September,2014.The changes were aimed at improving the social security provided to the employees. The changes are Employee friendly as more employees will be inducted into the EPF and EPS scheme. The amendments ensured that minimum Monthly Pension for retired employees be fixed at Rs 1,000/- which previously stood at Rs 250/-.You can follow series of articles in this issue on my blog. I have posted an article where you will find amendments made in this regard. Here I will illustrate the changes which will impact…

Amendments In Statutory Benefits For Employees’ And It’s Impact: Provident Fund, Pension Fund, Deposit Linked Insurance

Saturday, October 25th, 2014 Amritesh 2 responses

The Ministry of Labour Laws by notification dated 22nd August,2014 amended Employees Provident Fund Act,1952 effective 1st September,2014. You can read about Employees' Provident Fund in the link given below.Universal Account Number (UAN): Guidelines for SubscribersWithdrawals and Advances Under Employees' Provident Fund SchemeEmployees' Provident Fund SchemeThe highlights are as follows:-Amendments with respect to Contributions to the Employee Provident Funds (EPF)The wage ceiling of Rs 6500/- has been raised to Rs 15,000/- for the purpose of calculating the EPF. Thereby all the employees who fall under the bracket of Rs 6500/- to Rs 15,000/- will now be covered under the EPF.New entrants with Basic wage exceeding Rs 15,000/- may not opt for the EPF.EPF will continue to earn interest on the fund as prescribed by the…