Tips and General guideline for payment of Annual Bonus to the employees.
1) Bonus has no concern with blue or white-collar categories of employees.
2) Any person whose wages/salary is below 21000 (basic & DA) is eligible for bonus.
3) Any employee who work more than 30 days in a previous financial year is entitled for bonus.
4) The bonus is payable on Rs.7000 or minimum wages of that financial year, whichever is higher.
5) The percentage of bonus shall be decided based on allocable surplus in the balance sheet of the related financial year.
6) The set-on/set-off has to be done for the calculation of allocable surplus, which is done by the CA of the company.
7) As per payment of bonus act the last date of disbursement of bonus is 30th...
How to change Mobile Number / Password linked to UAN
How to change Mobile Number / Password linked to UAN
Following are the steps to change Mobile Number / Password linked to UAN :
Step 1 : After opening the Employees PF portal (link), click on forgot password.
Step 2 : Enter your UAN and the Captcha as required by website
Step 3 : If you just want to reset your password, click YES. But if you wish to change Mobile number click on NO.
Step 4 : On clicking NO, it will ask you details like Name, DOB, Gender and click on verify.
Step 5 : Now it...
Aatmanirbhar Bharat Abhiyan 3.0 - EPF Scheme incentives benefits for Employers and Employees
Aatmanirbhar Bharat Abhiyan 3.0
EPF Scheme incentives benefits for Employers and Employees by the Government
New Incentives for Businesses covered in PF (Provident Fund) to boost Employment
If an establishment has less than 1000 employees, 24% PF (12% Employees share and 12% Employers share) shall be paid by the Government for their new employees employed on or after 01.10.2020.
This benefit shall be for a period of two years from the date of employment
If employees are more than 1000, then only 12% Employees share shall be paid by the Government. Employer continues to pay their 12% share.
Conditions:
• Scheme is for employees with monthly wages less than Rs.15,000/-
• If establishment has less than 50 employees, minimum 2 new employees...
Maternity Benefit available for ESIC Covered Employees
Maternity Benefit available for ESIC Covered Employees
Did you know that if an employee is a regularly contributing ESIC Member, she can avail the entire maternity benefit payment from the ESI Corporation. In other words, an employer need not bear the maternity benefit burden in case an employee is covered under ESIC and has contributed for at least 70 days in the immediately preceding one or two contribution periods.
Quantum of Benefit Amount
Around 26 weeks of wages (six months salary) is payable to an eligible employee by the ESIC under this provision. The employer is not liable to pay any amount towards the maternity benefit to such employee.
Documentation and Procedure
Step 1 : Check Eligibility - An employee can check the ESIC benefits...
Process of PF Withdrawal - Outbreak of Pandemic (COVID-19)
Process of PF Withdrawal - Outbreak of Pandemic (COVID-19)
As per the announcement by Indian Finance Minister Mrs. Nirmala Sitharaman, up to 75 percent of PF money can be withdrawn by EPF (Employee Provident Fund) subscribers or three months of Wages from their total PF amount accumulated till date, whichever is lower, to help them in their financial emergency caused by the lockdown due to the coronavirus pandemic.
PF withdrawal requests can be submitted online by Provident Fund Members.
Here...
Update PF Date of Exit / Date of Leaving in Provident Fund (PF) Employee member portal
Update PF Date of Exit / Date of Leaving in Provident Fund (PF) Employee member portal
Sometimes employer does not update the Date of leaving / Date of Exit of the member. In such cases, Employee / Member is not able to withdraw EPF or file transfer claim or final settlement claim. To overcome this problem a provision has been provided in the member login so that the member himself can update his date of Exit or Date of leaving. Member can update his/her date of Exit / Date of leaving only after...
Rate of contribution under the ESI Act reduced from 6.5% to 4%
Update : Government of India: Rate of contribution under the ESI Act has been reduced from 6.5% to 4% (employers’ contribution reduced from 4.75% to 3.25% & employees’ contribution reduced from 1.75% to 0.75%). Reduced rates will be effective from 1st July 2019.
Click here to download the Gazette copy.
ESIC today issued a Press note stating that the government has approved the reduced the rate of contribution.
However this reduced rate of contribution is to be notified through a final notification in the gazette. Only then it attains legal force and can be implemented.
Some media reports say that the reduced rate of contribution will be effective from 1st July 2019. But until the gazette notification is published...