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

Read more

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 f

Read more

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

Read more

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

Read more

Maternity leave policy in India gets an upgrade

The maternity leave policy in India has been amended by a the The Maternity Benefit (Amendment) Bill, 2016 which was approved by the Rajya Sabha.The provisions which have been amended in the bill are the duration and applicability of maternity leave and other facilities. The act is applicable to factories, mines, plantations and shops.In the rec

Read more

Voluntary EPS contribution can be made by the employees

EPS or the Employee Pension Scheme will soon get an option wherein voluntary contribution towards the EPS by employees will be made available, according to the latest information from the EPFO.The voluntary contribution is in addition to the mandatory contribution which is already made by the employer. Currently, the employer contribution toward

Read more

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

Read more

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

Read more

PF contribution by the employer cannot be withdrawn till retirement age

According to a recently gazetted notification from the EPFO, the PF contribution by the employer cannot be withdrawn till the age of retirement i.e, till 58 years of age. In compliance with this new rule, if an employee is unemployed for 2 or more months and wishes to withdraw PF contribution then only the employee contribution(12%) and the intere

Read more

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

Read more

EPF and ESI returns can be filed together in the "Shram Suvidha" portal

In order to provide ease of compliance of the labour laws, the ministry of labour and employment has launched a web portal called the "Shram Suvidha". The portal was launched on Oct 16, 2014. Extending the facility further, the portal has also been enabled to provide EPF and ESI  return filing services. The major objective is to simplify the busi

Read more

Government withdraws proposal to tax on EPF withdrawals

Government withdraws proposal to tax on EPF withdrawalsThe Government has withdrawn its Budget proposal of imposing a tax on EPF (Employee Provident Fund) withdrawals. Finance Minister Mr. Arun Jaitley in his statement has emphasized that in view of the representation received from various sections the Government will do a comprehensive review of t

Read more

Clarification regarding tax on EPF withdrawal

"The Budget proposal on Tax on withdrawal of 60% of EPF contribution made after 01st April 2016, triggered much-heated discussion and drew angry responses from various sections. In this view, Income Tax Department has released a Press note trying to make the point much simpler and also stating that suggestions / representations on the matter from v

Read more

m-Governance in India : epf mobile app for android users

m-Governance in India was an initiative which was started by the government of India to harness the widespread use of mobile phones in India. m-Governance is a subsidiary of e-Governance.The major objective of m-Governance in India was to provide services and facilities via mobile technologies. It also includes providing uninterrupted access to th

Read more

EPF new Rules - Coverage threshold limit is 10 employees

The EPFO has decided  to provide social security to an additional 50 lakh workers other than the already existing 5 crore members. This came in accordance with the EPF new rules which state that the threshold for any firm to be subscribed under the EPF act is to have 20 employees.According to the EPF new rules, this limit is now going to be h

Read more

Form 11 (new) submission and KYC seeding in the UAN portal

 KYC or Know-Your-Customer is the process of verifying the identity of your customers. When the EPFO states for updating of KYC details, it is to include the verification of its members or subscribers. The verification can be done using documents such as PAN, Aadhar Card etc.For the employer:The employer is to get the declaration from new joining

Read more

PF interest rate proposed to be increased to 8.95%

According to recent news that has been going around, the EPFO is likely to increase the PF interest rate to 8.95%. The current existing PF interest rate is 8.75%, which was applicable for previous fiscal year. If this proposal comes through, then it will be the highest interest rate since 2010-11 ( it was 9.5% that financial year). Now, before t

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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,

Read more

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

Read more

The 7th Pay Commission to submit its report on November 19

The Pay Commission is set up by the Government of India at a specific interval and it gives recommendations regarding changes in the salary structure of its employees. Since the Indian Independence in 1947, seven such pay commissions have been set up on a regular basis. This is so that the committee can review and make recommendations about the wor

Read more

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

Read more

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

Read more

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

Read more

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

Read more

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

Read more

PF accumulated balance of more than Rs. 30,000 TDS will attract TDS at the time of payment

 The Finance Act, 2015 (20 of 2015) has inserted a new section 192A regarding the payment of accumulated provident fund balance due to an employee. The provision shall take effect from 1st June, 2015.Income Tax shall be deducted at source (TDS) at the following rates if at the time of payment of the accumulated PF balance is more than or equal

Read more

Changes in Provident Fund rules: 7 things to know

The Employee Provident Fund (EPF), Employee Pension Scheme (EPS) and Public Provident Fund (PPF) are some of the popular products to invest for the retirement years.In the past few months, radical changes have been introduced in these schemes, i.e, Provident fund rules Let us have a look at them.PF portability: Every time you join a new company, yo

Read more

PF wage enhancement - Preparatory activities

The Honorable Union Minister of Finance has announced PF wage enhancement under the EPF & MP Act 1952 from the current maximum of Rs. 6,500/- per month to Rs. 15,000/- per month. The notification for same is likely to be issued shortly.In view of above PF wage enhancement, the following preparatory activities are required to be immediately init

Read more

UAN activation procedure

A universal number will be generated for each of the PF Account Number at EPFO NDC.The UAN will act as an umbrella for the multiple Member Ids allotted to the same individual. The idea is to concatenate multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to

Read more

UAN – Universal Account Number

The Employees Provident Fund Organization (EPFO) has rolled out universal account number (UAN) for all its subscribers. This is a move aimed at easing transfer of provident fund (PF) accounts on switching jobs and also useful for claim settlements.“UAN stands allocated to all 4.17 crore (41.7 million) members who have made contribution to EPFO

Read more

Categories

Featured Posts

Featured Product

Relyon Featured Products

Complete Payroll solution right from attendance punch to generation of Payslip.


Know More
  • * Flexible salary and attendance creation.
  • * Powerful Statutory compliance.
  • * Employee Self Service.
  • * Extensive Reporting Formats.
  • * Exit Management.
Request a Demo


Tag Clouds