The Government of India has finally implemented the decision of increasing the maximum sum limit assured under insurance scheme of retirement fund body Employee Provident Fund Organisation, popularly termed as EPFO, to 6 lakh rupees. This would almost double the maximum sum for its 4 crore subscribers. The decision was, however, taken long back in September… Read more »
Monthly Archives: May 2016
Grant of exemption to all retail enterprises from sections 7 ,9, 12, 23, 31 and 37 of the Act to keep open every day of the year for a period of Five(5) years
In the G.O 1ST read above , the Industries and Commerce (P&I) Departmenthave issued orders on Andhra Pradesh retail trade policy 2015-20, focusingsimplification of labour laws & processes, skill development support and single desk clearances, so as to stimulate growth in the Retail Sector for a period of 5 years from the date of notification. Synopsis of… Read more »
Daman Minimum Wages 2016
In addition to the Basic Pay fixed by the Administration of Daman & Diu in respect of all the scheduled employments under the Minimum Wages Act, 1948 vide notification No.LE/LI/DMN/MWA-3(II)/2015-16/81 dated 29.05.2015, the daily rate of Variable Dearness Allowance (VDA) payable on the cost of living index number is increased at the rate of L 9.50/- with effect from… Read more »
Amendment in TDS Rates & Threshold limit wef 01.06.2016
Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. However, no deduction is required to be made… Read more »
New PF Facility Launched For Easy Balance Transfer: Your 10-Point Guide
Many employees forget to transfer the balance from their previous provident fund (PF) accounts when they change jobs. Some of them even withdraw the money from PF account. Since PF is meant for one’s retirement years, financial experts suggest that the accumulated savings should not be withdrawn during one’s working years. To encourage employees consolidate… Read more »
The Government of India amends Employees’ Pension Scheme allowing members to contribute till 60 years of age
Key amendments in the notification Under the EPS, a new provision under sub-paragraph (7B) of paragraph 12 has been inserted enabling the following benefits: a) Contributions allowed after the age of 58 years but not beyond 60 years A member may opt to continue contributions under EPS till the age of 60 years if the… Read more »
Epfo Launches a Special Drive :Mission Consolidation”One Employee-One Account” on May Day
A Software also Launched for Centralized Processing to Transfer and Consolidate Accounts with Ease EPFO Greets the Human Engines of Nation – Our Labour Force on International Labour Day Greeting workers on International Workers Day with the. Sh. Bandaru Dattatreya, the Union Minister for Labour & Employment (Independent Charge) launched a special Mission consolidation drive “One Employee-One EPF Account”… Read more »