Human resource policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning.
Each company has a different set of circumstances, and so develops an individual set of human resource policies.
PURPOSE
The establishment of policies can help an organization demonstrate, both internally and externally, that it meets requirements for diversity, ethics and training as well as its commitments in relation to regulation and corporate governance of its employees.
HR policies can also be very effective at supporting and building the desired organizational culture.
Human resource policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning.
Each company has a different set of circumstances, and so develops an individual set of human resource policies.
PURPOSE
The establishment of policies can help an organization demonstrate, both internally and externally, that it meets requirements for diversity, ethics and training as well as its commitments in relation to regulation and corporate governance of its employees.
HR policies can also be very effective at supporting and building the desired organizational culture.
The authoritative source for small business employee handbooks. Includes editable, customizable Word file for handbook.
Versions for six industries, including Offices, Contractors, Healthcare Providers, Manufacturers, Restaurants and Retailers.
Includes Handbook. Companion Forms, Employer's Poster Kit, Supervisor's Guide, Basic Safety Program and more.
Plus free membership to http://www.YourEmployeeHandbook.com for "Forever Access" to your purchase.
Useful for Law students, MBA- HR students, CS Students, Employees , Employer.
I have also mentioned a list of forms generally used during gratuity.
Every body should be aware of do's and don't. Knowledge of your rights makes you powerful.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Forfeiture of gratuity
Obligations and rights of the employer
Compliance under the Act
reference: http://blog.simplycareer.net/2013/06/gratuityact.html
I have also refereed other sites and text books.
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
What is Gratuity and how much amount is exempt from tax? To know more about gratuity: https://blog.tax2win.in/need-know-gratuity/
Calculate the amount of gratuity tax treatment of yours well in advance: https://tax2win.in/tax-tools/gratuity-calculator
The authoritative source for small business employee handbooks. Includes editable, customizable Word file for handbook.
Versions for six industries, including Offices, Contractors, Healthcare Providers, Manufacturers, Restaurants and Retailers.
Includes Handbook. Companion Forms, Employer's Poster Kit, Supervisor's Guide, Basic Safety Program and more.
Plus free membership to http://www.YourEmployeeHandbook.com for "Forever Access" to your purchase.
Useful for Law students, MBA- HR students, CS Students, Employees , Employer.
I have also mentioned a list of forms generally used during gratuity.
Every body should be aware of do's and don't. Knowledge of your rights makes you powerful.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Forfeiture of gratuity
Obligations and rights of the employer
Compliance under the Act
reference: http://blog.simplycareer.net/2013/06/gratuityact.html
I have also refereed other sites and text books.
BONUS ACT BASICS
A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
What is Gratuity and how much amount is exempt from tax? To know more about gratuity: https://blog.tax2win.in/need-know-gratuity/
Calculate the amount of gratuity tax treatment of yours well in advance: https://tax2win.in/tax-tools/gratuity-calculator
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The Government has brought about various mandates for their employers to follow for safeguarding the rights of the employees.
Get insights from our expert, Darshan Balai who has successfully helped enterprises to deal with the complicated puzzle of labour laws with ease and clarity.
Click here to get the complete webinar recording of our expert and learn all about the important labour laws and guidelines. https://attendee.gotowebinar.com/recording/4399385024096215051
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This webinar talks about Section 80(C) and its basics, comparison of instruments within this option and how to derive the maximum value out of it, How to choose the best ELSS Mutual Funds - one of the most popular Section 80(C) investments.
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In this presentation, you’ll learn:
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- Importance of labour laws covered under the Contract Labour Act
- About the Compliance Checklist for the principal employer & contractor
- The dos and don’ts during inspection
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This webinar talks about cashless payroll processing https://www.greythr.com/complete-guide-payroll/ and statutory remittances using greytHR payroll software https://www.greythr.com/payroll-software/.
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𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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Emerging Issues of Employee Provident Fund
1. Emerging Issues of EPF
HR Perspective
By:
Mr. Pratik Vaidya
Managing Director
pratik@karmamgmt.com
2. Pratik Vaidya
B.Com, LLB, MBA
pratik@karmamgmt.com
• In 2007 became Managing Director of the family owned Karma Group of Companies
• Has served on Karma board since 2002 and has played the role of a visionary leader in
the related field
• Has been a pioneer in setting up an online portal for audit of Indian labour laws where
currently 1600 sites are handled by a team of dedicated specialists.
• Is a Council Member & Founder to National Academy of Indian Payroll (www.naip.in)
• Is a honorary advisor on compliance with Alliance of Infrastructure & Facilities
Managers of India (AIFMI)
• Is a Director of Education in Grow More School of Management
Presenter Profile
5. Adherence to the procedures laid
down by the government for
running an organization
What is Statutory Compliance?What is Statutory Compliance?
6. Factors Responsible for development of Labour Laws
Law is a rule or a system of
rules recognized by a country
or a community as regulating
the actions of its members and
enforced by the imposition of
penalties
What is Law?What is Law?
7. Employees Provident Fund & Miscellaneous Provisions
Scheme, 1952
Employees Provident Fund & Miscellaneous Provisions
Scheme, 1952
8. Applicability
Every establishment where 20 or more persons are employed.
Employee Eligibility
• Any person who is employed directly or employed through contractor
• Employees contribution up to a Salary (Basic + DA) less than or equal
to Rs.6500/-
Our Role:
Check whether the PF deduction has been made properly, for all the workmen
including all the contractors.
Employees' Provident Fund Scheme, 1952
9. Rate of Contribution
•Employee: 12% on Basic + DA
•Employer: 13.61% on Basic + DA [(PF-3.67% + 1.10%) + (EDLI-0.5% + 0.01%) +
(Pension-8.33%)]
Monthly Remittance of Contribution & Return of employees
•Remittance of Contribution (PF Challan), for the previous month, on or before
15th of following month
•ECR copy with details of the employees deployed
Annual Returns
Annual Individual Returns & Returns of Contributions (Form 3A & 6A), on or
before 30th April. However, the same is not needed from this month onwards
Claims / Transfers / Form 11
Employees who leave the site and organisation of the Vendor to file claim
form or transfer form and copy to be shared with FM. Employees not eligible for
PF to provide Form 11 copies duly attested
Employees' Provident Fund Scheme, 1952
10. Employees' Provident Fund Interest rate
The rate of interest is fixed by the Central Government in consultation with the Central
Board of trustees, Employees' Provident Fund every year during March/April. The
interest is credited to the members account on monthly running balance with effect
from the last day in each year. The current Rate of Interest is 8.5%p.a.
Accumulations of a deceased member
Amount of Provident Fund at the credit of the deceased member is payable to
nominees/ legal heirs. Claim application in form 20 may be submitted to the concerned
Provident Fund Office.
Transfer of Provident Fund account
Transfer of Provident Fund account from one region to other, from Exempted Provident
Fund Trust to Unexempted Fund in a region and vice-versa can be done as per Scheme.
Employees' Provident Fund Scheme, 1952
11. Nomination
The member of Provident Fund shall make a declaration in Form 2, a nomination conferring
the right to receive the amount that may stand to the credit in the fund in the event of
death. The member may furnish the particulars concerning himself and his family. In case of
unmarried member, anybody in the family can be nominated and in case of married
member, dependant parent, wife/husband ,major children or minor child with guardian.
Annual Statement of account
The statement of accounts in the fund will show the opening balance at the beginning of the
period, amount contribution during the year, the total amount of interest credited at the end
of the period or any withdrawal during the period and the closing balance at the end of the
period.
Employees' Provident Fund Scheme, 1952
12. A member of the provident fund can withdraw full amount at the credit in the fund on
retirement from service after attaining the age of 58 year. Full amount in provident fund
can also be withdraw by the member under the following circumstance:
• A member who has not attained the age of 58 year at the time of termination of
service.
• A member is retired on account of permanent and total disablement due to bodily
or mental infirmity.
• On migration from India for permanent settlement abroad or for taking
employment abroad.
• In the case of mass or individual retrenchment.
Withdrawal of EPF by Employee
13. In the case of the following contingencies, the payment of provident fund be made
after complementing a continuous period of not less than two months immediately
preceding the date on which the application for withdrawal is made by the member:
• Where employees of close establishment are transferred to other establishment,
which is not covered under the Act
• Employees covered enjoy a benefit of Social Security in the form of an
unattachable, unwithdrawable (except in severely restricted circumstances like
buying house, marriage/education etc.)
• Financial nest egg to which employees and employers contribute equally
throughout the covered persons employment. This sum is payable normally on
retirement or death.
• Other Benefits include Employees' Pension Scheme and Employees' Deposit
Linked Insurance Fund.
• Advance for Purchase of Dwelling Site.
Withdrawal of EPF by Employee
14. • Advance for Purchase of a Dwelling House/Flat.
• Construction of a House.
• Repayment of housing loan to state govt. housing board or any other government
recognized housing finance body.
• Post matriculation education of son/daughter.
• Damage to property due to Natural Calamity (Flood,Riot,Earthquake)
• Illness viz. Hospitalization for more than a month, major surgical operations or suffering
from T.B. leprosy, paralysis, cancer, heart ailment, etc.
• marriage of self/daughter/son/sister/brother.
• Member affected by cut in the supply of electricity OR Member who is physically
handicapped
A member employee can also withdraw full amount standing to his credit
Withdrawal of EPF by Employee
15. A member can withdraw upto 90% of the amount of provident fund at credit after
attaining the age of 54 years or within one year before actual retirement on
superannuating whichever is later. Claim application in form 19 may be submitted to the
concerned Provident Fund Office.
•On resignation
•On retirement from the service on attaining the age of 58 years.
•On retirement on account for permanent or total incapacity to work.
•Immediately before migration from India for permanent settlement abroad or taking up
employment abroad.
•On termination due to voluntary retirement scheme, retrenchment, closure of
establishment.
Withdrawal of EPF by Employees Before Retirement
16. Newly introduced Employees' Pension Scheme-95 provides for following benefit package:
1. Pension for life to the member, on superannuating/retirement and invalidation.
2. To the members of the family upon death of the member:
a. Pension to Widow/Widower for life or till re-marriage.
b. To children/orphan, two at a time additionally upto 25 years of age simultaneously with
widow/widower pension.
c. Facility for payment of pension to nominee in the event of member who is unmarried or
without any eligible family member to receive pension, and
d. Facility for payment of pension to dependent father/mother in the event the member
dies leaving behind no eligible family members and no nomination by such deceased
member exist.
3. Commutation of pension up to 1/3rd
of pension amount
4. Scheme Certificate to retain membership of the Scheme till attaining the age of 58 years.
Benefits of Employees' Provident Fund Scheme
17. Superannuating/retirement pension under the new scheme will be payable on fulfilling:-
a.Minimum 10 years eligible service and
b.Attaining age of 58 years.
On ceasing employment earlier than 58 years, pension may be availed of by a member at
his option, before attaining the age of 58 years but not below 50 years. Such early pension
will be subject to discounting factor. However, no such age restriction or eligibility
requirement shall apply for pension entitlement on disablement or pension payable to the
family members on death of the member. Membership with one contribution is enough in
such cases.
Valuation of Pension Fund
The Pension Fund is evaluated by an Actuary on an annual basis. Based on valuation
recommendations, Central Government determines the amount of relief on pensions to
existing pensioners.
Benefits of Employees' Provident Fund Scheme
18. Penalties
• Liable to be arrested without warrant.
• Defaults by employer in paying contributions or inspection/administrative
charges attract imprisonment upto 3 years and fines up to Rs.10,000 (S.14)
• For any retrospective application, all dues have to be paid by employer with
damages up to 100% of arrears.
• Penalty of minimum 17% P.A. if challan paid after 15th
, upto two months of
delay. If the challan is delayed for Six months then the penalty is about 37%
p.a. The damages on the penalty amount are 100% under sec 14B
Employees' Provident Fund Scheme, 1952
19. International Workers – Social Security Agreement
• The Government of India has entered into an agreement on social security with the
government of Belgium and a few more countries. This agreement aims at achieving
equality on the principles of reciprocity and its intended to benefit the employees and
employers of both India as well as Belgium.The salient features of the agreement are:
• The employees of the home country need not remit social security contribution in that
country
• Employees of pension due under the legislations of one country to another country,
where the member might choose to live, is possible.
• Totalisation of the contribution periods earned while in service in both the countries
for the purpose of deciding eligibility to benefits is possible under certain
circumstances.
• The employers are saved from making double social security contributions for the
same set of employers, thereby enhancing the competitiveness of their products and
services.
Employees' Provident Fund Scheme, 1952