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EPFO Higher Pension Calculation 2023

EPFO Higher Pension Calculation 2023 Employees, who have been EPF members before 1st September 2014, will get an option to contribute 8.33% of their actual Basic+DA payments towards EPS. PF Member will soon have the opportunity to pay 8.33% of basic salary and dearness allowance (if applicable) to the Employee Pension Scheme (EPS) if joined the EPF before to 1 September 2014. Soon, further information about this choice and an online form to request a higher pension is now available on the website of the Employees Provident Fund Organization (EPFO).​ The maximum amount that a Member can currently contribute to EPF account is 12% of Basic Salary plus Dearness Allowance. The employer makes an equal 12% contribution, of which 8.33% goes to EPS and 3.67% goes to the employee's EPF account. The statutory wage ceiling of INR. 15,000/- determines the employer's 8.33% contribution, thus only INR. 1,250/- (8.33% of INR. 15,000) is deposited into EPS account each month. Members who have b...
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Leave Encashment under Maharashtra S&E Act

Clarification regarding Leave Encashment (under Maharashtra S&E Act 2017) Query 1:- How many Leaves Accumulation is allowed / permitted under the Maharashtra Shops and Establishment Act, 2017? Response:- As per Maharashtra S&E Act, 2017, under section 18 (5), Every worker shall be permitted to accumulate earned leave upto a maximum of forty-five (45) days. Query2:- Whether Leave Encashment is to be calculated on Basic or Gross Wages? Response:- As per Maharashtra S&E Act, 2017, under section 18 (10), Every worker shall be paid for the period of his leave earned under sub-sections (3) and (4) at a rate equivalent to the daily average of his wages for the days on which he actually worked during the preceding three months, exclusive of any earnings in respect of overtime. In simple words,  It's on the fixed gross salary - Other than variable pay and Bonus if any.   Note that  The provision of Leave Encashment is allowed only in two scenarios:- Employer refuses to...
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Corporate Shopping

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ESIC Act - Dependents

Query:- Who are covered under ESIC Act? Response:- Family Members under the definition of "Family" as per ESI Act. All or any of the following Relatives of an Insured Person will get covered, namely -    (i) Spouse,  (ii) Minor legitimate or adopted child dependent upon the insured person,  (iii) Child who is wholly dependent on the earnings of the insured person and who is  (a) Receiving education, till he or she attains the age of 21 years, (b) Unmarried daughter (iv) Child who is infirm by reason of any physical or mental abnormality or injury and is wholly dependent on the earnings of the insured person, so long as the infirmity continues (v) Dependant parents, whose income from all sources does not exceed such income as may be prescribed by the Central Government ; (vi) in case the insured person is unmarried and his or her parents are not alive, a minor brother or sister wholly dependant upon the earnings of the insured person. 
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Maharashtra - Professional Tax Applicability for Payment of Incentives

Query:- Whether Professional Tax is applicable to the Incentives paid to employees in Maharashtra? Response:- Yes.  Professional Tax is applicable to the Incentives payment to employees in Maharashtra. As per Section 2(h) of Maharashtra State Tax On Professions Trades Callings And Employments Act,1975 “salary” or “wage” includes pay or wages, dearness allowance and all other remunerations received by any person on regular basis, whether payable in cash or kind, and also includes perquisites and profits in lieu of salary, as defined in section 17 of the Income-Act.  1961 but does not include bonus in any form and on any account or gratuity.
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Queries & Response on Workmen / Employee Compensation Policy

Query 1:- Is there any mandatory or compulsory requirements for WC Policy? Response:- Employees Compensation Policy is not mandatory.   Query 2:- Understanding of overlapping on WC Policy against covering ESIC, GMC & GPA. -  Response:- WC / EC - Is compensation granted by authority on the occurrence of an accident during the performance of work GMC - GMC is a medical policy which provide the medical expenses care to the Insured employees. GPA - GPA is limited liability policy against the accidents to the employees Note: GPA is limited liability based on the Insured amount - WC / EC is high liability with the discretionary power of Authority based on the Partial or Permanent lost by employee. Query 3:- Consequences of not taking WC Policy Response:- Employer to pay the compensation decided by the authority on occurrence of accidents during work.   Query 4:-  Process to claim under  WC Policy Response:- Employee / Employer to report the accident to th...
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New Tax Rates - Budget 2023

New Income Tax Rates - Budget 2023
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