The Employee Provident Fund (EPF) established in 1952 provides benefits like provident fund, pension, and death benefits to members. Members receive partial contributions from their employers at 12% annually along with guaranteed interest rates set by the government. Upon resignation, members can settle their account to receive their own contributions plus employer contributions and accrued interest.
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
I came across employees who had many queries about their EPF and lacks basic idea which they should have. Idea about EPF can help investment plans as well.
How you can get a higher pension from EPFO beyond ceiling limit?Amitava Nag
It appears that, on the basis of Delhi High Court (22.05.2019) and Kerala High Court (12.10.2018) verdicts, employee and employer have the opportunity to submit ‘Joint Request’ for higher contribution on EPS which is mere an adjustment of accounts as money will go from EPF to EPS and employer does not have any extra burden on such higher contribution. Monthly pension will be as given below:
Monthly pension after 58 yr age = {Average of Basic pay + Grade pay + D.A. of last 12 months} x {(Month and Year of retirement) – (November 1995) + 2) / 70
N.B. (a) 6 months and more=1 year, (b) 2 years added as per clause 10(2) for retirement at the age of 58 and period of contribution in EPS from Nov’95 is equal to 20 years or more. (c) Amount of pension shall be increased @ 4% for every completed year if the age of drawing pension is deferred upto 60 years.
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
ESIC ACT, 1948
Slides content:
Introduction
Origin
Objective & Applicability
Administration & Registration
Identity card
Employers & Employee contribution
Benefits under the scheme
Benefits to Employers
Rajiv Gandhi shramik Kalyan Yojna
Certification of return of contribution by Auditor
Records to be maintained for inspection by ESI authorities
Employees Insurance court
Special provisions
other provision
Important forms to be submitted under the Act
End.
Dear Seniors & Friends,
Sharing the PPT on "Employee's State Insurance Act 1948" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
M: 9999 844 355
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
I came across employees who had many queries about their EPF and lacks basic idea which they should have. Idea about EPF can help investment plans as well.
How you can get a higher pension from EPFO beyond ceiling limit?Amitava Nag
It appears that, on the basis of Delhi High Court (22.05.2019) and Kerala High Court (12.10.2018) verdicts, employee and employer have the opportunity to submit ‘Joint Request’ for higher contribution on EPS which is mere an adjustment of accounts as money will go from EPF to EPS and employer does not have any extra burden on such higher contribution. Monthly pension will be as given below:
Monthly pension after 58 yr age = {Average of Basic pay + Grade pay + D.A. of last 12 months} x {(Month and Year of retirement) – (November 1995) + 2) / 70
N.B. (a) 6 months and more=1 year, (b) 2 years added as per clause 10(2) for retirement at the age of 58 and period of contribution in EPS from Nov’95 is equal to 20 years or more. (c) Amount of pension shall be increased @ 4% for every completed year if the age of drawing pension is deferred upto 60 years.
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
ESIC ACT, 1948
Slides content:
Introduction
Origin
Objective & Applicability
Administration & Registration
Identity card
Employers & Employee contribution
Benefits under the scheme
Benefits to Employers
Rajiv Gandhi shramik Kalyan Yojna
Certification of return of contribution by Auditor
Records to be maintained for inspection by ESI authorities
Employees Insurance court
Special provisions
other provision
Important forms to be submitted under the Act
End.
Dear Seniors & Friends,
Sharing the PPT on "Employee's State Insurance Act 1948" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
M: 9999 844 355
Conference Barcelona 2011 “Connecting people” is the 9th Annual General Meeting and Conference of the European Passengers' Federation
Date: March 12th: 2011. The events will take place in Museu Picasso, carrer de Montcada,15-23, Barcelona, Spain
Food loss and waste is a global social, economic and environmental issue. Whether you tend to fill your plate with more food than you need or pick only the perfectly shaped vegetable from the pile, you can make a big difference by changing your food habits a little.
Athletes do understand the importance of keeping their muscles and bones healthy, it’s also important for them to take care of their skin. So, here are some organic skincare tips for athletes. Check Out ..!!
Hygiene is one of those things everyone is expected to know but no one ever talks about. there’s more to it than just wearing deodorant and rinsing with mouthwash. Health is cleanliness and cleanliness is one of the main defenses against diseases whether contagious or self-generated. Health is not valued till sickness comes. The Human Body :Home of Microbes. The human body is home to some 10,00 species of bacteria. 80% of communicable diseases are transferred by touch. Most bacteria on our hand is on the fingertips and under the nails. Are antibacterial soap safe? Most antibacterial soap contains the chemical triclosan. They can change your hormone level. When it comes to food dropped on the floor 99% of all grms jump onboard almost instantly. Your mobile phone carries 18 times more harmful germs than the flush handle on a toilet. use antibacterial wipes to clean your phone, mouse and keyboard – every day ideally. Did you know that bacteria love your mouth? There are more than six million bacteria living in your mouth at any time. Plenty of food, water and optimum temperature make it an ideal home for bacteria. It might surprise you that a sneeze generates a wind of 166 km/hr (100 mi/hr), and a cough travels at 100 km/hr (60 mi/hr). Imagine the disease-causing bacteria they carry along with them in every droplet. Hand Washing: After using the toilet, Before making or eating food, If you have been around someone who is coughing or has a cold, After handling dogs or other animals. Take care of your body, it is the only place to live in.
Computation Under Social Security Laws.pptxYogesh Aher
Employees Provident Fund & Miscellaneous Provisions Act, 1952, Contribution, Breakup of EPF Contribution, Online procedure for opening of PF account and required documents, ESI Act 1948, Contribution, ESI Benefits, Calculations for payment of compensation,
Provisions of Gratuity Act, 1972
1. Introduction
2. Applicability of the Act
3. Calculation of gratuity
4. Formula for calculating gratuity is as follows
5. Explanation
6. Amount of Gratuity Payable
7. Nomination
8. Forfeiture of Gratuity
9. Compulsory insurance
10. Notice of opening change and closure
11. Determination of Amount of Gratuity
12. Demand and Claim of Gravity
13. Mode of payment
14. Power of controlling authority
15. Appeal
16. exemption from liability
17. Protection of gratuity
18. Display of the act
2. BENEFITS TO MEMBERS UNDER EPF SCHEMES
Provident Fund Benefits
Pension Benefits
Death Benefits
There are 3 major benefits
3. Employer also contributes to Members PF @ 12%.
EPFO guarantees the Employer contribution and
credits interest at such rates as determined by the
Central Government. (Present Interest Rate is
9.5%)
On resignation, the member can settle the account.
i.e., the member gets his PF contribution, Employer
Contribution and Interest.
1. Provident Fund benefits
4. Pension to Member
Pension to Family (on death of member).
Scheme Certificate
Withdrawal Benefit
2. Pension benefits
5. Member has to attained the age of 50 years or
more.
Member has to complete a total service of 10
years or more.
Member should not get any other EPF Pension.
Member has to apply in Form-10D at the EPF
Office where Member has last worked through
last Employer.
How to get Pension
6. If the member wants to draw pension
from a different place, The member have
to furnish appropriate Bank / Post Office
address in the application form.
Pension is distributed through Post Offices
or through some designated banks only
(eg: Indian Bank, SBI, Indian Overseas
Bank, HDFC Bank, ICICI and UTI Bank)
There Four situations when pension can be
applied for:
7. 1. On superannuation
(Age 58 years or more and
atleast 10years of service)
The member can continue in
service while receiving
this pension
On attaining 58 Years of age,
a EPF member cease to
be a member of EPS
automatically
2. Before superannuation
(Age between 50 and 58 years
and at least ten years of
service)
The member should not be in
service
3. Death of the member Death while in service or
Death while not in service
4. Permanent disability Permanently and totally unfit
for the employment which
the member was doing at the
time of such disablement
8. Scheme Certificate
This Certificate shows the service & family details of a member
This is issued if the member has not attained the age
of 58 while leaving an establishment and he applies for this
certificate
Member can surrender this certificate while joining another
establishment and the service stated in the certificate is
added with the service he is gaining from the new
establishment.
After attaining the age of 50 or above, the member can apply
for Pension by surrendering this scheme certificate (if total
service is at-least 10 years)
This is a better choice than Withdrawal Benefit, as a member
dies holding a valid scheme certificate, his family will get
pension (Death when NOT in service)
9. Withdrawal Benefit
If not eligible for pension, member may withdraw
the amount accumulated in his pension account.
The calculation of this amount is based only on (i)
Last average salary and (ii) Service (Not based on
actual amount available in Pension Fund Account)
No amount is taken from Member to give Pension to
the Member. Employer and Govt. contributes to
Pension fund @8.33% and @1.61% respectively
EPFO guarantees pension to members, even if the
Employer has not contributed to Pension Fund.
10. How to settle EPF account
The Member has to resign or retire from the establishment and
apply for settlement of PF in Form-19. If the exit is before 55
years of age, the member should not work in any covered
establishment for a period of 2 months from the exit date.
If the member dies, Family members/Nominee have to apply in
Form-20 for settlement of PF (In case of death, apply in From-
10D and Form-5IF for Pension and EDLI also)
How to transfer the account / What to do
if joined in another establishment
The Member has to apply in From-13(R) through the NEW
Employer at the EPF Office from which transfer is sought clearly
stating New and Old EPF Numbers. Member has to obtain new
EPF Number from the New Employer. New EPF Number will be
allotted by New Employer, not by EPFO.
11. Employees' Deposit Linked Insurance
(EDLI) Scheme
On death of a member, the Family Members or Nominee
(whoever has the entitlement to claim Provident Fund
amount) can claim for EDLI Benefit. Maximum amount
payable is Rs. 60,000/-.
The nominee(s) have to apply in From-5IF through the
Employer.
No amount is taken from the Member for this facility.
Employer contributes for this.
Average PF Balance, salary and service are the factors
considered for the calculation of this amount
12. Advance/ Withdrawals may be availed for
the following purposes:
•Marriage / Education
Purpose : For the marriage/education of Self & Family
Eligibility : Should Complete atleast 7years of service.
Max Amount : 50% of Emp’e Share
Document : Apply in Form 31 thorough the Employer
•Treatment
Purpose : Treatment of Self, Family (Dependents)
Eligibility : No minimum service required
Max : 6 times of Wages or Full of Emp’e Share
Documents : Apply in Form 31 through the Employer
•Purchase or construction of Dwelling house
Purpose : Purchase or Construction House/Flat
Eligibility : Should complete 5years only in one service.
Max Amount : 36 times of Wages.
Documents : Apply in Form 31 through Employer
13. •Repayment of Housing Loan
Purpose : Payment of House Loan
Eligibility : Should complete 10years only in one service.
Max Amount : 36 times of Wages
Documents : Apply in Form 31 through the Employer
•Purchase of Plot
Purpose : Purchase of Site/Plot
Eligibility : Should complete 5years only in one service
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Addition/Alteration of House
Purpose : Repair of house
Eligibility : Should complete 5years only in one service /
Construction of House.
Max Amount : 24 times of Wages
Documents : Apply in Form 31 through the Employer
•Lockout
Purpose : Lockout of Closure of the Establishment
Eligibility : Should be closed for 15days / No wages for 2months.
Max Amount : Total of wages multiplied by no.of months closed
Documents : Apply in Form 31 through the Employer
14. •Withdrawal Prior to Retirement
Purpose : Withdrawal prior to Retirement
Eligibility : No min service, atleast 54 years of age /
1year before retirement.
Max Amount : 90% of total of both shares
Documents : Certificate from the Emp’r showing the date of
retirement / Apply in Form 31
•Other Advances
Purpose : Advance in Abnormal Conditions
Eligibility : Certificate of damage from appropriate authority
Max Amount : Rs. 5000/- or 50% of member’s own share of
contribution.
Documents : Certificate from Appropriate authority / Form 31.
IMPORTANT:
• The amount of advance/withdrawal is not required to be refunded
under normal circumstances. If the amount is not utilised, the same
should be refunded with penal interest.
15. Looking for your Feed back
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K. SAI KISHORE
Senior Executive HR
HYDERABAD