Posts By: Prakash Consultancy Services

Removal of 5 Days Grace Period from EPF act 1952

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

Dear all, As per Para 38(1) of the EPF Scheme 1952 Paragraph 3 of Employees Pension Scheme 1995 and Paragraph 8(1) of the Employees Deposit Link Insurance the required EPF dues was to be paid within 15 days of close of every Month initially 5 days grace period was allowed as the reconciliation  & payment was done manually and… Read more »

Industry asks Labour Minister to defer amendment in Bonus Act as Ammended

Posted by & filed under Bonus-Act.

Employers’ association AIOE has asked the government to defer the implementation of amendments in the Payment of Bonus Act to next fiscal so as to reduce financial burden on the industry, particularly small and medium businesses. Keeping in view both the financial and operational hardships facing the industry, All India Organisation of Employers’ (AIOE), an allied… Read more »

Bonus Amendment Gazetted copy 2015

Posted by & filed under Bonus-Act.

Dear all,Both the House has passed a bill allowing doubling of wage ceiling for calculating bonus to Rs 7,000 per month for factory workers with establishments with 20 or more workers, with the benefits being applicable retrospectively from April 2014.The Payment of Bonus (Amendment) Bill, 2015, was passed by a voice vote, with some members… Read more »

Universal Number Compulsory for EPF withdrawal from 1st Jan 2016

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

Dear employers,1.Universal account number(uan) has been made compulsory  to avail all services like settlement of claims, filing of complaints etc. W.e.f. 1st January 2016.2.Any claim, complaint, grievances, correspondence will be entertained only if uan is mentioned.3.Those who are not having uan may obtain it from the internet portal of Epfo  www.epfindia.gov.in at the home page… Read more »