CLR Important | Employees Provident Fund Organization proposes radical changes in Provident Fund Coverage
The Employees Provident Fund Organization(EPFO) readying to re-notify a new definition of "compensation" that will include all allowances. Currently, employers contribute only 12% of the basic salary and dearness allowance, which in fact is not paid by most companies currently, towards their share of "matching" provident fund and the Employees Pension Scheme contribution. Hence, for several thousands of employees,… Read More
Tags: Business, Dearness Allowance, Employee Provident Fund, Employees' Provident Fund Organisation of India, Employment, EPFO, Salary, Tax credit
Ministry Clarification on Gratuity Pay under New Pension System
Death-cum-Retirement Gratuity is paid to Central Government employees under New PensionSystem (NPS) as it is paid under the old pension scheme. The monthly annuity under the New Pension System (NPS) is only a replacement of pension on retirement and family pension of death after retirement. The benefits of Death cum Retirement Gratuity (DCRG) and pension/family pension have… Read More
Tags: Business, Central Government, Civil service, Dearness Allowance, Payment, Pension, Retirement, Tip (gratuity)
DA and DR released to Central Govt. employees & Pensioners
Release of additional installment of Dearness Allowance to central government employees and Dearness Relief to pensioners, due from 1.1.2013 The Union Cabinet today gave its approval to release an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.01.2013 at the rate of 8 percent over the… Read More
Tags: Cabinet of India, canada, Central Government, Dearness Allowance, Employment, Fiscal year, Labour, Union Cabinet
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