UAN 2.0 - The next version of Universal Account number

The Employees’ Provident Fund Organization (EPFO) is in the process of implementing the next version of UAN i.e., UAN 2.0, whereby the Universal Account Number of an EPF member is to be obtained/linked with their present employer before filing the Electronic Challan cum Return (ECR).Currently, employers declare about new joiners, and obtain new U

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ESI amendment 2016 - draft law

The ESIC has issued a draft law which increases the ESI wage ceiling limit to Rs. 21,000 in the ESI amendment 2016 - draft law.  According to the draft law, the ESI wage ceiling which was previously Rs. 15,000 has now been increased to Rs. 21,000. SO any employee who is having a gross earning of below the said Rs. 21,000 limit will be applicable

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Professional Tax slab rate in Madhya Pradesh for 2016-17

Professional Tax or PT is the tax which is applied on all types of professions such as salaried individuals of both government and non-governmental organizations and on private practitioners such as doctors, engineers, accountants lawyers etc.In this post the Professional Tax slab rate in Madhya Pradesh state has been discussed. The state of Mad

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Professional tax slab in West Bengal for 2016-17

Professional Tax or PT is a type of tax which is applicable on salaried individuals, Individuals who are practicing professionals such as doctors, lawyers and chartered accountants. PT is applicable state-wise and is commonly applicable for both government and non-government employees.  Professional tax slab in West Bengal for 2016-17:The PT rate

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PF withdrawal norms has been changed to remove the restrictions

The PF withdrawal norms, which had conditions and restrictions regarding the amount that could be withdrawn, has been rolled back by the government. As per the previous notifications, it was announced that the complete amount could not be withdrawn until the retirement age. This caused a lot of potential problems for those employees who were quitt

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Inoperative PF accounts will earn interest from April 1, 2016

According to the latest news, inoperative PF accounts will earn interest from April 1, 2016. The decision taken at a gathering of the central board of trustees (CBT), the decision-making body of the Employees’ Provident Fund Organization, will come into force from 1st of April, 2016.Any EPF account to which there has been no contribution for abo

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EPF coverage rules now applicable for establishments with 10 or more employees

The EPF coverage rules have been changed to include those establishments which have more than 10 employees. This move will benefit over 50 Lakh workers who are not applicable under the old EPF coverage rules. According to the old EPF coverage rules, any establishments which have 20 or more employees come under the coverage of the Employees' Pro

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Bonus Act amendment - Ceiling raised to Rs.21,000

In one of our previous blogs, we have seen that a bill was proposed to bring changes in the Bonus Act to raise the ceiling from the current existing Rs. 10,000. This has now been implemented, according to a recent notification from the Ministry of Labour. According to this notification,  the bonus ceiling is now raised to Rs. 21,000. Accordingly

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PF Due date grace period for deposits is now removed

In a circular by the EPFO, it has been notified that the PF due date grace period which was provided for the payment of PF amount has now been removed.Earlier, the employers had to pay the PF contributions and the administrative charges by 15th of every month. A grace period of 5 days had been provided as well.Now, according to the latest circular

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Details about PF withdrawal forms - Which to use when

Recently, we have seen that the EPFO has launched the use of new simplified PF Forms for withdrawal/ transfer. In this post, we will have a look at the Forms which are required for the withdrawal or transfer and the criteria for the same.The recent changes made by The Ministry of Labour and Employment has provided the facility for withdrawal / tran

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Bill to amend the Bonus Act - Ceiling now to be raised to Rs.21,000

The government has proposed an amendment to the Bonus Act of 1965. In this amendment, the salary ceiling for the payment of bonus is proposed to be increased to Rs.21,000 from the existing ceiling of Rs.10,000. This amendment is proposed to be effective from 1st of April, 2015.The amendment also seeks to raise the calculation ceiling from current

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EPF investment in Equity - Government gives no guarantee

The EPFO recently entered the stock market when they implemented the EPF investment in equity. The organization has planned to invest 5% of its incremental deposits in the Exchange Traded Funds (ETF) for the current fiscal year.This decision of investment in the ETF was approved by the Central board of trustees of the EPF organization after careful

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PF interest rate could be to increased in FY-16 from current 8.75%

The Employee Provident Fund Organization is planning to increase the PF interest rate from the current existing 8.75%. This topic came into discussion in the latest meeting,  which was held for the top officials from the Labour and Finance ministries.The estimated income for the current fiscal indicates that the EPFO shall be able to pay an increa

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PF withdrawal simplified – Attestation of employer not necessary

The ministry of labour and employment has launched simplified brief forms for PF withdrawal. The notification, dated 4th December, stated that the Employer’s attestation no longer a necessity for Filing PF Claims.These forms are applicable to those employees who have completed their Form-11 (New) details which are available in the UAN member logi

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GPF interest rate retained at 8.7% for 2015-16

GPF interest rate retained at 8.7%The government has retained the rate of interest for General Provident Fund (GPF) (GPF interest rate) and other related schemes at 8.7 percent for the current fiscal.The 8.7 per cent interest will apply on Provident Funds of central government employees, railways and defence forces, according to the notification is

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Interest on PF for FY16 may be Fixed on November 24

Employees' Provident Fund Organisation (EPFO) trustees are likely to consider and approve a proposal to fix a rate of interest on PF deposits for over five crore subscribers for the current fiscal year in their meeting scheduled for November 24."209th meeting of the Central Board of Trustees (CBT) has been scheduled to be held on November 24, 2015,

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Ceiling For ESI contribution to be increased to Rs. 25000

EDIT: Oct 2016, latest changes for "ESI amendment 2016 - draft law". The Minister of Labour and Employment said the Employee’s State Insurance Corporation (ESIC) board has been considering to increase the ceiling limit for employees under ESIC coverage from the existing Rs. 15,000 a month to Rs. 25,000 a month.Currently, the ceiling for ESI is R

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ESI Scheme is implemented in non-implemented areas

The ESI Scheme is implemented in non-implemented areas in a phased manner. Under Section 56 of the ESI Act, provision of medical care under the ESI Scheme in the particular state is the responsibility of the State Governments.The Scheme can be extended to new areas only after completion of the necessary arrangements for providing medical care from

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EPF (Employees Provident Fund) Linked With Aadhaar Card

The employees provident fund organization (EPFO) now has made it mandatory to provide Aadhar card numbers in order to register for an EPF account. This has been made effective from March of 2013 for all employees in the organized sector. So while opening a new Employees’ Provident Fund(EPF) Account, ensure that an Aadhar card number is available

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Minimum Pension of Rs 1,000 per month to the pensioners of Employees’ Pension Scheme to be continued

Led by the Prime Minister Narendra Modi, the Union Cabinet today gave its approval for continuation of the minimum pension of Rs 1,000 every month to the pensioners of Employees’ Pension Scheme, 1995 (EPS) beyond 2014-15 on a perpetual basis.An official press release stated that this will only be applicable up to March of 2015.Retirement fund bod

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Bonus wage ceiling to be increased to Rs. 7000 per month for workers

The Cabinet has decided to double the bonus wage ceiling for calculating bonus of Rs 7,000 per month for factory workers and establishments which have 20 or more workers."The Payment of Bonus (Amendment) Bill, 2015 to enhance the monthly bonus calculation ceiling of Rs 7,000 per month from existing Rs 3,500 was approved by Union Cabinet here," a so

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Minimum wages act to be amended by the Central Government

The Minimum Wages Act was introduced by the Indian constitution to ensure some level of relative comfort along with basic necessities to skilled and unskilled laborers.The Minimum Wages Act has undergone various changes since its conception. The recent one came in the way of an amendment by the Central government. According to this, the Central gov

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