Posts By: Prakash Consultancy Services

New PF Facility Launched For Easy Balance Transfer: Your 10-Point Guide

Posted by & filed under Provident Fund Benefits.

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 Since PF is meant for one’s retirement years, financial experts suggest that the accumulated savings should not be withdrawn during one’s working years.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

Posted by & filed under Provident Fund - (Notification -Circulars).

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

Posted by & filed under Provident fund -News.

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 »

Government plans to reduce EPF & MP act threshold 20 to 10 employees

Posted by & filed under Provident fund -News.

25th Apr 2016 Government reducing EPF & MP act threshold 20 to 10 employees Government plans to amend the existing law to bring firms with minimum ten employees under the Provident Fund coverage, the Lok Sabha was informed today.(25th Apr 2016)Currently, companies with less than 20 employees are excluded from PF coverage. “A proposal for comprehensive… Read more »

Government Raises EPF Interest Rate to 8.8 Percent for 2015-16

Posted by & filed under Provident fund -News.

 In the third roll-back in two months, the government today raised interest rate on employee provident fund (EPF) contributions to 8.8 per cent for 2015-16 against 8.7 per cent approved by the Finance Ministry last week. Labour Minister Bandaru Dattatreya announced the decision to raise interest rate on a day employee unions had called nationwide… Read more »

Interest on delayed payment of ESI contribution

Posted by & filed under Esic-Circulars.

Interest on delayed payment of ESI contribution As per new Memorandum/Instruction issued on 08.04.2016 by ESI Corpn, it has been decided that the interest on ESI contribution payable on omitted wages, shall be calculated calendar month-wise. Prior to above instructions, the Interest on left-out wages/omitted wages reported by the Social Security Officer or Test Inspecting Officer… Read more »

Implementation of ESI Scheme in new geographical areas of 12 revenue village of Kasauli Tehsil, Solan District in the State of Himachal Pradesh

Posted by & filed under Esic-Circulars.

NOTIFICATION In exerc ise of the powers conferred by sub-section (3) of Section 1 of Employees’ State nsurance Act, 1948 (34 of 1948) the Central Government hereby appoints the 1st April, 2016 as the date on which the provisions of Chapter IV except Sections 44 a nd 45 which have already been brought into force)… Read more »