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Saturday, December 31, 2016

EPF New Year Gift for Establishment which is legally liable for coverage from 1.4.2009



Good News
PF has  comeout with Notification , accordingly,  special survey drive will be initiated from 1st Jan 2017 by department for coverage of the Establishment.
The Establishment which is legally liable for coverage will be covered under the Act.
Benefits are as below;
1. Only Employer Share will be levied. 
2. Interest as applicable on Employer's Share.
3. Damages @ Rs.1/- Per Annum. 
4. No Employees Share. 

The above will be with a condition that, the Establishment is not legally liable before 01.04.2009.

Necessary Notification is as under 

Employees’ Provident Funds (Seventh Amendment) Scheme, 2016

Damages @ Rs.1/- Per Annum. :Damages=for New Coverage from 1st Apr 2009


Edli No Dues to be Paid:- EDli No Contribution for New Covereage from 1st Apr 2009


EPF Scheme amendment :- EPF Schmene ammedment for New Coverage frm 1st Apr 2009



Tuesday, December 27, 2016

ESIC Limit increase from Rs 15000 to Rs 21000 W.E.F from 1st Jan 2017

ESIC limit has been increased from 1st Jan 2017 from Rs 15000 to Rs 21000 

Draft rules were published on 6th October 2016 and whereas, objections and suggestions received from persons likely to be affected thereby have been considered by the Central Government 

Now, therefore, in exercise of the powers conferred by section 95 of the said Act, the Central Government, after
consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:-

1. (1) These rules may be called the Employees’ State Insurance (Central) Third Amendment Rules, 2016.

(2) They shall come into force from 1st day of January, 2017.

2. In the Employees’ State Insurance (Central) Rules, 1950, in rule 50, for the words “fifteen thousand rupees” occurring at both the places, the words ‘twenty one thousand rupees” shall be substituted.

Notification copy :- ESIC Notification on 21K limit

Wednesday, December 21, 2016

Government Clarification on Amendment to Payment of Wages Act

It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers. This is not the correct position.

It is clarified that the government proposes to bring an amendment to Section 6 of the Payment of Wages Act which will further provide crediting the wages in the bank account of the employees or payment through cheque along with the existing provisions of payment in current coin or currency notes.

This is being done to facilitate the employers from making payment of wages using the banking facilities also in addition to the existing modes of payment of wages in current coin or currency notes.

Also, the appropriate Government (Centre or State) will have to come up with the notification to specify the industrial or other establishments where the employer shall pay wages through cheque or by crediting the wages in employees’ bank account. It is, therefore, clear that the option of payment through cash is still available with the employers for payment of wages.

It may be understood that the Payment of Wages Act was passed in the year 1936 (eighty years ago) and the situation prevailing at that point of time has completely undergone a technological revolution. Most of the transactions now take place through the banking channels. The proposal of Ministry of Labour and Employment to bring an amendment to Section 6 of the Act is an additional facility of crediting the wages in the bank account of the employees or payment through cheque along with the existing provisions of payment in current coin or currency notes.

The above proposed amendment will also ensure that minimum wages are paid to the employees and their social security rights can be protected. Thus the employers can no longer under-quote the number of employees employed by them in their establishments to avoid becoming a subscriber to the EPFO or ESIC schemes.

It is also pointed out that the states like Andhra Pradesh/Telangana, Kerala, Uttarakhand, Punjab and Haryana have already come out with notifications to provide for payment through banking channels. 


@courtesy http://pib.nic.in/newsite/PrintRelease.aspx

Monday, December 19, 2016

EPFO fixes 8.65% interest rate for PF deposits, cut from 8.8%

Retirement fund body EPFO today decided to lower the interest on EPF deposits for the current fiscal to 8.65 per cent, from 8.8 provided in 2015-16, for its over four crore subscribers. 

"The Employees Provident Fund Organisation's apex decision making body, the Central Board of Trustees (CBT), has taken a decision to lower the interest rate to 8.65 per cent for the current fiscal from 8.8 in 2015-16," Indian National Trade Union Congress Vice-President Ashok Singh told PTI after the meeting at Bengaluru.


Bharatiya Mazdoor Sangh General Secretary Virjesh Upadhyay also said that 8.65 per cent rate of interest is fixed on EPF deposits for 2016-17. 

As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. 

However, the body could have utilised about Rs 409 crore surplus with it, which accrued after providing 8.8 per cent rate of interest for 2015-16, to retain the same rate of return for the current fiscal.


A surplus of about Rs 69.34 crore was stipulated if interest rate was to be lowered to 8.7 per cent. 

EPFO has projected income of Rs 39,084 crore for the current fiscal. 

As per sources, the Finance Ministry has been asking the Labour Ministry to align the EPF interest rate with other small saving schemes of the government like Public Provident Fund (PPF). 

In September, the government reduced interest rates on small savings schemes marginally by 0.1 per cent for the October-December quarter of 2016-17, which resulted in lower returns on PPF, Kisan Vikas Patra, Sukanya Samriddhi Account, among others 

The Labour Ministry however wanted to retain 8.8 per cent for the current fiscal as well, a source said 
@COURTESY conomictimes.indiatimes.com/

Friday, December 16, 2016

Minimum Wages Daman from 1st Oct 2016

New Minimum Wages of Daman is appended below which is declared on 2nd Dec 2016 the effective date of the same is 1st Oct 2016


MINIMUM WAGES 01 10 TO 31 03 20170001-Daman


Sunday, December 04, 2016

Amendments to the Payment of Wages Act, 1936

One of the reasons for ineffective enforcement of payments of wages to workers is the payment of wages in cash. With the passage of time, technology has gone a sea change. A large section of the employed persons have now bank accounts. So, payment of wages only through cheque or through bank transfer in the bank account of employed persons will reduce the complaints regarding non-payment or less payment of minimum wages, besides serving the objectives of digital and less cash economy.

In regards to the above the Central Government, therefore, intends to make amendments in section 6 of the Payment of Wage Act, 1936. The details of the existing provisions and proposed amendments are as under:

 Sl.
No.
Section
Existing Provision
Proposed Provision
1
Section 6
“6. Wages to be paid in current coin or currency notes.- All wages shall be paid in current coin or currency notes or in both:
Provided that the employer may, after obtaining the written authorization of the employed person, pay him the wages either by cheque or by crediting the wages in his bank account.”
“6. Wages to be paid in current coin or currency notes.- All wages shall be paid in current coin or currency notes or in both:
Provided that the appropriate Government may, by notification in the Official Gazette, specify the industrial or other establishment, the employer of which shall pay to every person employed in such industrial or other establishment, the wages either by cheque or by crediting the wages in his bank account.”

It is, therefore, published in public domain, as part of Pre-Legislative Consultation Policy, for the information of all persons likely to be affected thereby and notice is hereby given that the said proposal shall be taken into consideration after 16/12/2016.