#difference between Epf and Eps

[aparajithacorp]

Navigating EPFO: Understanding the Employee Pension Scheme!

For an employee to benefit from the Employee Pension Scheme, mere contribution is not the only criterion. The employee must have attained the age of 50 years (in case of early pension) and the age of 58 years (in case of regular pension). Furthermore, it is a mandatory requirement to be a member of the EPS with atleast ten years of contribution to avail of benefits from EPS at the time of retirement. However, if a member has contributed to the pension scheme for less than ten years and decides not to further work in any establishment covered under the EPF Act, he may withdraw the total amount held in his pension account.

Click here to read the full article, and to understand the Difference Between EPF and EPS, EPS Applicability, the Supreme Court Judgment, Advantages and Disadvantages of the New Provision and much more.

We hope you find this post informative and thought-provoking!

[nimble-stuff]

Forcibly Stripped || Donnie & Leo - Pale Room, Part II Leo didn’t think that there was enough room in his heart to hate anyone more than he hated Kendra. The EPF proved him wrong.

FANDOM: ROTTMNT Also on AO3

@badthingshappenbingo​

<< PREVIOUS || NEXT >> (((Not Tcest)))  - For the record, the context for this one is nonsexual, but that doesn’t make it any less wrong or uncomfortable. I ask that you read responsibly!

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“Igloo.”

“Cold.”

“Snow.”

“Snowman.”

“Snow Jupiter Jim.”

“It can only be one word!”

“Snow Jupiter Jim is one word if I say it real fast,” said Mikey. “Snow-Jupiter-Jim-Snow-Jupiter-Jim-Snow-Jupiter-Jim!”

“Wait, we’ve used two words before,” Raph pointed out.

“Oh, I was going easy on you guys cuz you don’t know how Word Association works,” said Leo. “It’s why you have the fewest points, Mikey.”

“We’re keeping points?!” Mikey exclaimed. He folded his arms and slumped against Raph’s side, pouting. “I don’t wanna play anymore.”

“Aw, c’mon!” Leo exclaimed. “It was just getting good, mostly because I was winning.”

“I resign.”

“Boo.”

Donnie cut between Leo, Raph, and Mikey. He’d been pacing the length of the cell for the last however long it had been. Leo was scared to keep track of time because Donnie was doing it for them in his head, aware of every agonizing second that ticked by, counting the number of seconds it took to get from one end of the cell to the other, measuring the cell’s height, width, and depth, counting his heart rate per minute. Any more seconds and he’d be crawling up the wall.

Leo was doing his best to keep his cool, but the anxiety in the air was getting sharp, and the dim light, the foul smell, and the indistinct banging from whatever was next door didn’t help. Leo focused on his breathing, trying to remember Splinter’s techniques, and failing miserably.

There was an unspoken something between him in his brothers. They knew what was coming and they knew it was going to be bad and they knew that waiting was the worst part. Leo never imagined that he would ever hope that someone would walk through the door and torture them, but here he was, thinking about how much more torturous the waiting was.

Donnie passed in front of him again, footsteps silent. Mikey’s gigantic eyes watched him and Raph settled his arm around Mikey’s shoulder, maybe drawing him a little closer, though Leo might’ve imagined it.

Leo refolded his legs under his body. It would be a nightmare trying to get any sleep on the hard ground. It had to be close to nighttime by now, so whatever torture awaited them wouldn’t come until tomorrow. His gaze shifted up and caught Raph’s.

Leo and Raph exchanged a silent conversation. Raph tilted his head towards Donnie. Do you want me to handle that?

Leo shook his head. No. His responsibility.

He stood and held an arm in front of Donnie. Donnie pushed past it roughly.

“Stop,” said Leo, trying to get in his path. Donnie pushed him out of the way a second time. “Donnie, you’re gonna wear yourself out.”

Donnie hit the end of the cell. His body bristled, like he’d been expecting it to continue. He swung around on his heel and walked in the other direction.

“Could you at least sit down?” Leo asked.

“I’m fine like this,” said Donnie. He hit the wall again. Another bristle. Another swing.

“You’re stressing us out.”

“Sounds like a skill issue.”

The wall again. Donnie growled, swung around, and paced to the other end. “I do not care for small, enclosed spaces where I am being held prisoner.”

“Yeah, join the club. Sit down already.”

Donnie’s mouth half-opened around an insult when the door opened.

Donnie had ended up far too close to the door, too close for his liking apparently, as he retreated to the back of the cell. It was an intern, a different one than the first, accompanied by two armed guards. Leo memorized their appearances, the black uniforms and body armour, the strange emblems on their clothing that said ‘EPS.’

“Good evening,” said the intern. She wore a toothy smile as insincere as the brightness in her voice. “We have determined that your garments, since they come from outside the facility, may be contaminated. We ask that you surrender your current articles and change into these.”

The intern dumped the contents of the box onto the floor: four pairs of loose, very unattractive grey shorts with elastic waistbands. Prison uniforms. Leo stared at them in shock.

Silence tensed up between them and the humans. The soldiers had their assault rifles poised, while the intern stood with her legs together and hands folded in front of her body. She looked like a Barbie doll, if a Barbie doll’s newest profession was a researcher at a prison camp.

“Incredible,” said Leo. “I thought you guys were just evil shitheads, but now you’re just being gross. You know we’re kids, right?”

The intern didn’t even flinch.

“He’s sixteen years old, and he’s the oldest.” Leo pointed at Raph. “We’re kids. You’re holding kids prisoner in this shithole and asking us to change into your shit clothes.”

“Oh?” the intern said. “Well, if you were humans, I suppose that would matter, but you’re not, so it doesn’t.”

“Where’s the other lady? The one whose name sounds like an off-brand canned pasta? I want to talk to her so I can spit in her face.”

“Dr Paccioretti has many cases she needs to oversee. Are you refusing to comply?”

“What, you want it in writing? Yeah, we’re not complying. You’re the war criminals here, not us.”

“Well, if you don’t comply, it will be done by force. We can’t have outside contaminants.”

The tension prickled up his spine. He heard Donnie inhale sharp and gasp out something inaudible, and Leo turned to see him swivel toward the wall with his hands over his ears.

It clicked.

Shit. Leo wasn’t sure why he hadn’t been thinking of it before, why he hadn’t made the connection, and, God, he really was the worst brother in the world for not thinking of it sooner, for attributing Donnie’s reaction to his usual dramatic flair rather than the intimate connection it really was. It made him sick to his stomach. It made him hate humans.

Mikey stared off into the mid-distance, gulping for air. Leo’s attention wandered from him to Raph, and he searched for guidance despite being determined to carry all the weight on his own.

“I think we should do what they want,” Raph told him.

Yeah. It was the sound decision, just not the one Leo wanted to make. He glared at the intern with all the venom he had.

“You want us to wear your prison uniforms, then get out,” said Leo. “We’re not changing in front of you.”

“If that is your preference,” said the intern. “Please put all of your present attire into this box.” She set the box on the floor. “And put everything you’re wearing into it, including those masks. Thank you for your cooperation. You have fifteen minutes to comply.”

The door locked with a loud click behind them.

Leo’s fist shook at his side. No one could say anything, no one was capable, not Donnie standing with his back to the room, not Mikey whose complexion had developed a grey undertone. Raph looked nauseous.

“Do we really gotta, Leo?” Mikey asked.

“Don’t think they’re giving us the option,” said Leo. “Look at it this way! We want to match with the other prisoners in the prison yard, right? We gotta fit in with the cool kids.”

Well, he had to lead by example. Leo changed first, and he did it quick so he didn’t have time to think about hidden cameras. The shorts were itchy, and he unwound the wrappings from his limbs and dropped them into the box. He almost forgot his mask. The masks were as much part of their identities as their shells were, but Leo measured out only a teaspoon of emotion to show when Mikey and Raph were watching.

“I look good in anything,” said Leo. He flapped the baggy shorts around. “I think if I flap hard enough, I can fly around this cell and really give those guys something to gawk at. Whaddya think, Mikey?”

Mikey snorted out a half-laugh. It got him and Raph going though, and they changed fast, dropping their masks and what remained of their belongings into the box. At least they had shorts that could fit Raph’s bulky frame, but Mikey looked far too small in hia.

Leo knew that there was going to be a fight when he saw Donnie standing still in the corner, facing the wall like a reenactment of The Blair Witch Project.

“Oh, Donnie, we’ve changed the Turtle Club’s uniform,” Leo sang. “Aren’t you turtley enough to join the Turtle Club?”

Nothing. No response. Not even a shiver, a side-eye, a glare. An icy chill tap-danced down Leo’s spine.

“C’mon, Dad can’t even tell us apart without the masks. This is probably the best chance for a prank we’ve had in a while! He’ll come storming in here in rescue mode, take one look inside, and won’t even be able to tell which of us is which!”

“I can’t do this.”

Each syllable skewered through Leo. It hurt to breathe.

“I can’t do this.” Donnie looked at him with open terror, pupils constricted into small, black dots. “Leo, I can’t do this.”

“Dee, the nice humans aren’t giving us a choice,” said Leo, fighting to keep his tone steady while conveying the urgency.

“I can’t!”

“Donnie, c’mon, you’ll pass out if you don’t breathe.”

“No, I can’t! You don’t understand—” Donnie broke eye contact, stared at his feet. “You don’t know what it’s like.”

He didn’t. Leo made no assumptions about that, but he didn’t need to know what it was like to not see the profound effect on Donnie’s whole body language. It made him want to gut every human, and he wondered, for the first time, if Splinter had been right to encourage them to stay in the sewers rather than go on moonlit adventures.

Against his will, Leo glanced down. Ever since the whole thing with Kendra had happened, Donnie had tied the wraps on his legs almost high enough to cover his entire legs, and he never spoke about it. No one did. Leo kicked himself for letting them fall back into old habits, to do what they had done last time.

It was just so easy to not talk about it. They could almost pretend it hadn’t happened, then sometimes things would happen that would crack it all open, bring out a reminder. The way Donnie shied away from hugs, evil grins that disappeared the moment Leo looked away, projects that used to take him just hours to finish now took him days, tossing and turning at night, and all the while don’t talk about it, never talk about it, it never happened, no one bring it up, no one upset Donnie. But Donnie was upset anyway, and it was just buried, just small fissures in the earth, invisible to the naked eye until there was an earthquake.

Leo hated himself for not addressing it sooner, although he’d never known how. Just that it was too late and Donnie was being traumatized all over again.

Raph watched from the side, prepared to step in, a silent yet steady pillar in their lives, the rock that held them altogether. Leo wanted to fall back and let him take control and it was so, so tempting to lash out at Donnie and demonstrate that he couldn’t do this either, but hell, he wouldn’t place the burden on Raph. Leo imagined what would happen if he let Raph do it, of Raph lying awake in bed years from now, haunted by the moment that he hurt Donnie. It would kill him, slow and torturous.

It had to be Leo. Leo would do it. Leo would shoulder the burden, though he wasn’t nearly strong enough to carry it.

Raph opened his mouth, about to intervene, and Leo’s reflexes kicked in. He spoke first.

“Raph, can you stand in front of us?” Leo asked.

For a moment, he thought Raph might fight him on it, before he blocked him and Donnie in with his sheer mass. Not much of a privacy curtain, but it would give the humans something unsatisfying to stare at.

“Mikey?” Leo said. “…Mikey!”

Mikey looked up.

“I need you to hold Donnie’s hand.”

Leo expected Donnie to bite out an insult, to insist to stop treating him like a child, but the shake in his brother’s knees was uncontrollable. Donnie reached for Mikey’s hand first, crushing his fingers.

Leo redressed Donnie as fast as he could. Mask first. Arms. Belt and gear. Shorts. He saved the leg wrappings for last. Donnie's deep, legible scars were visible even when dressed.

“Donnie, what games do you wanna play when we get out of here?” Mikey asked.

Donnie’s head jerked up.

“We haven’t played Mario Party in ages, and I know how much you stan Waluigi,” said Mikey. “I’m thinking we need a game ASAP.”

Donnie made a shuddering noise as to answer, but no words came out, just a stiff jerk that could’ve been an affirmation, could’ve been a release of nervous energy. Leo continued unwrapping until finally, finally, they were off and it was quiet and Leo had nothing that could make it better.

Leo didn’t think that there was enough room in his heart to hate anyone more than he hated Kendra. The EPF proved him wrong.

He dropped everything into the box and kicked it to the door, and scowled as the intern poked her head back in to retrieve it.

“I hope something in this goddamn place eats you alive,” said Leo.

“Oh,” said the intern. “Alright.”

When they were gone, when they were alone, Leo didn’t know what to say to Donnie. His entire expression glazed over with the telltale marks of a shutdown, the kind of full-body, full-mind switch that crippled everything that made Donnie into Donnie. When they were kids, Donnie would have moments where he ‘powered off’, as Raph had put it, when things were too loud, or too much, or too little, or too overwhelming. Leo hadn’t seen it in years. The humans had made Leo hit the hard reset button and now the button was stuck and the loud, opinionated, too-smart-for-his-own-good Donnie was gone.

Leo was about to apologize and beg for forgiveness, and Donnie grabbed to him in the heated silence instead. It wasn’t a hug, not the way his arms locked tight around his neck. It was a cling. Donnie held onto him with his eyes wide open, joints rigid. Although it was the most bodily contact Donnie had allowed in weeks, Leo was hesitant to call it a win.

Donnie held on all the way to the ground as Leo settled himself against the wall, resting Donnie’s legs over his lap so that they were in a slightly awkward sideways embrace. He resisted the urge to bury his face into Donnie’s collarbone; he still needed to keep an eye out, and Raph and Mikey were watching so carefully that he felt like a performer at the pinnacle of a difficult routine, and any misstep would earn a pained, sympathetic gasp from the audience, and he needed to play it cool, keep it together, to perform perfectly. To do everything that he needed to do to make sure that they all didn’t break down together. Someone had to keep a cool head. Someone had to keep an eye out for the opening that would help them escape. It had to be him. It had to be him. It had to be him.

“Donnie, I promise nothing is going to happen to you,” said Leo. It felt awful to lie, but he didn’t know what else to do. The worst part was that Donnie was smart enough to catch the lie, but too tangled up in his head at the moment to notice or care.

He didn’t have a plan. Not even a half-cocked one. Donnie clung onto him, and Leo held back, hands running over the subtle ridges running on his brother’s shell.

[supernavinkumar-blog1]

Information about Epf

Complete Information about EPF:- As you all know, EPFO has made all its activities online. So it is very important for us to know that how we can take benefit online facility of EPFO.

EPF is a system that not only provides a lump sum amount, but also offers old-age benefits at the time of retirement. The person who works is always cautious towards the EPF (Employee Pension Fund). The Pension Fund for Employees or the Pension Fund for Employees applies primarily to all companies.

What is the EPF?

EPF is a mandatory investment scheme for every employee. The organization of employee pension funds keeps payments for all EPF account holders. The EPF is mandatory for all states and citizens. Under the regulations, a company with more than 20 employees is required to register with an employee benefit organization. All payments deducted in the EPF are for the benefit of the employee only and only the employee is entitled.

If you want to withdraw your PF money, then you have to follow certain conditions. Here we are telling you the necessary conditions for extracting PF.

If you have quit your job and you have been unemployed for 2 months, then you can withdraw PF money.

If you want to withdraw PF money during your job, then it is possible only when you have completed 5 years of your job. In this also, you can withdraw only 90 percent of the amount of PF.

To withdraw PF money during the job, you have to give his reason. During the job, you can withdraw PF money for buying a house and a wedding.

Click here to Read More

Click here to know how to withdrawal Epf Online

[harshilbarot93]

What is PPF Account? Difference Between PPF, EPF & EPS Account [Explained]

What is PPF Account? Difference Between PPF, EPF & EPS Account [Explained]

PF is the common name for EPF or Employees’ Provident Fund. It is an administration laid out reserve funds conspire for representatives of the coordinated area. The EPF interest cost is proclaimed consistently by the EPFO (Employees Provident Fund Organization) which is a legal body under the Employees’ Provident Fund Act, 1956. What is PPF Account – PPF Account Meaning Explained in Detail For…

[perfectdocument]

Old Age Pension

Mature age acquires a great deal of new changes, one of them is retirement. After a specific age, a couple of assignments that appeared to be two or three years prior begins turning into a weight. During such occasions when it gets difficult to procure a compensation consistently, benefits plans go about as a rescuer.

One of the principle reasons why retirement can be stress some is monetary unsteadiness. Individuals who have gone through for their entire lives bringing in cash, frequently consider the possibility of retirement somewhat awkward. Remembering these variables, the public authority has dispatched different plans to guarantee monetary solidness and security after retirement. Benefits plans are uniquely intended to give certain monetary inclusion after retirement and to build up financial improvement in the country.

How about we view probably the best annuity plans for senior residents:

National Pension Scheme (NPS)

The NPS conspire was dispatched in the year 2004 by Pension Fund Regulatory and Development Authority of India (PFRDA). This administration annuity plot is intended to explicitly give monetary security to senior residents, post-retirement. This plan permits the supporters of make a normal commitment to their record while they are working and can profit the advantages of the customary annuity after their retirement. The endorsers can likewise make a halfway withdrawal from the public annuity framework account if there should be an occurrence of a crisis.

The public annuity conspire is accessible for all representatives including the public area, private area, and surprisingly the sloppy area aside from the individuals who work in the Armed Forces. The NPS conspire permits its endorsers of make a base commitment of Rs. 6000 in a monetary year. The sum can be paid as a singular amount or as a regularly scheduled payment of Rs 500, whatever is more advantageous for the endorser.

Qualification:

• Should be an Indian Citizen

• Minimum qualification age is 18 years and the most extreme age to open the record is 65 years

• Applicant ought to be a KYC objection

• Should not have a prior NPS account

Advantages of National Pension Scheme (NPS):

• A some portion of the commitment made towards the NPS conspire is put resources into values. This implies that the plan offers more significant yields when contrasted with some other traditional expense saving venture. The loan fee of this arrangement is 9%-12%, making it the best benefits plan in India for people who need to gather assets as long as possible, for a superior monetary security after retirement.

• The NPS plot needs to obligatorily contribute until the age of 60. Incomplete withdrawals are allowed following a long time from the date of opening the record, if there should arise an occurrence of a crisis, for example, – youngster's schooling, buying a house, or wellbeing related issues. The endorser can pull out up to 25% of the absolute commitment made, multiple times in the timespan years

• To acquire a standard annuity from PFRDA enlisted protection firm, it is obligatory to keep to the side 40% of the collected asset. 60% of the excess asset is tax-exempt

• The endorsers can pick the alternative of speculation and benefits store according to their requirements

• Offers ordinary observing and straightforwardness in speculation standards by the PFRDA

• National annuity framework gives a benefit to financial backers over other fixed-pay plans and furthermore offers charge exclusion under Section 80C and 80CCD of the Income Tax Act

Atal Pension Yojana (APY)

One of the many annuity plans by the public authority is the Atal Pension Yojana. This administration annuity conspire intends to give benefits a base commitment each month. The Atal annuity plot is mostly focused to the chaotic area and addresses the life span chances among the specialists of this area. The APY conspire urges the specialists to intentionally put something aside for their retirement by giving least commitment consistently.

Qualification:

• The candidate should go under the low-pay bunch or ought not go under the assessment section

• Suitable for all people between the age of 18 – 40 years

Advantages of Atal Pension Scheme:

• APY benefits plot is a government backed retirement conspire that empowers laborers from the chaotic areas to put something aside for their retirement by contributing a limited quantity consistently

• For each commitment made to the annuity store, the Central Government co-contributes half of the complete commitment or Rs. 1,000 for every annum, whichever is lower. The commitment will be made to each qualified candidate's record for a base time of 5 years. Albeit, the endorser needs to contribute for a time of 20 years or more

• On cases like the demise of the giver, the chosen one of the Atal annuity plan can guarantee collected whole or benefits cash

• APY plot gives fixed month to month annuity between Rs. 1,000 to Rs. 5,000 post retirement

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The Pradhan Mantri Vaya Vandana Yojana gives government managed retirement and monetary freedom after retirement by offering a guaranteed pace of profit from the speculations. This annuity plot is just offered by the Life Insurance Corporation of India (LIC) and gives guaranteed gets back to 10 years. As per the 2018-19 spending plan, the public authority expanded the most extreme price tag to Rs. 15 lakhs.

Qualification:

• Applicant should be an Indian resident

• Must be over 60 years old

• Should be prepared to profit the approach term of 10 years

Advantages of Pradhan Mantri Vaya Vandana Yojana:

• The Pradhan Mantri Vaya Vandana LIC benefits conspire offers the recipient a guaranteed return of 8% per annum on the store

• The benefits or the return will be payable for a time of 10 years, the recipient can pick the residency of installment

• An individual can contribute up to Rs. 15 lakhs greatest and Rs. 1000 least in this LIC annuity plot

• In a case if the recipient bites the dust before the fruition of the residency, the chief sum will be credited to the designated recipient's record

• In instance of basic sickness, the recipient can select untimely exit. In such cases 2% punishment charge will be deducted

Understand More: Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

The public authority benefits plans for senior residents assume an imperative part in giving monetary security among the old while likewise starting financial improvement in certain pivotal spaces of society. Indira Gandhi National Old Age Pension Scheme is one such annuity plans in India. The plan was presented by the Ministry of Rural Development of India in 2007 and is prevalently known as the National Social Assistance Program (NSAP). The principle point of this plan is to give social insurance to its recipients by giving senior resident annuity, widow benefits and benefits for impaired individuals.

Qualification:

• Applicant ought to be 60 years old or higher

• The candidate should go under the low-pay or beneath destitution line bunch

• Must not have any normal wellspring of monetary help from relatives or different sources

Advantages of Indira Gandhi National Old Age Pension Scheme (IGNOAPS)

• The conspire targets giving monetary help to senior residents, widows, and those with inabilities

• IGNOAP conspire gives senior residents of India a month to month benefits

• This plot is a non-commitment government benefits plan which implies that the recipient doesn't need to contribute any add up to get annuity

• A recipient between the age of 60-79 years will get a month to month measure of Rs 200. On the off chance that the recipient is over 80 years old, he/she will get am measure of Rs 500

• The benefits sum will be credited to the recipient's ledger or mail center record

Representative Pension Scheme (EPS)

The EPF benefits conspire was presented by the public authority in 1995 and is likewise called as the Employees Pension Scheme 1995. The EPS conspire was dispatched by the Employee's Provident Fund Organization (EPFO) and its primary point is to give federal retirement aide to the representatives. The old annuity plot gives benefits to the representatives working in the coordinated areas during their retirement i.e., after the age of 58 years. The advantages of which must be profited by workers who have served for a base time of 10 years (consistent or non-persistent).

The Different Types of EPS or EPF Pension Scheme:

• Widow benefits – Also known as Vridha annuity where the widow of the expired EPFO part is qualified for the benefits

• Child benefits – on the off chance that the EPF part is expired, their enduring youngsters become pertinent to get the month to month annuity until the kid turns 25 years of age

• Orphan annuity – on the off chance that the EPF part kicks the bucket and doesn't have an enduring widow, the offspring of the part get a benefits under the vagrant EPF annuity conspire

• Reduced annuity – The individual from the EPF benefits plan can pull out an early benefits on the off chance that he/she has achieved the age of 50 however are under 58 years of age, in particular in the event that they have made a functioning commitment for a very long time or more. For this situation, the annuity esteem is diminished to 4% rate each year

Qualification:

• Must be an EPFO part

• Must complete 10 years of dynamic assistance with equivalent long periods of dynamic commitment towards the plan

• Should be 58 years or above

Advantages of Employee Pension Scheme (EPS)

• Provides government backed retirement to the representatives

• Pension is given to the representatives working in the coordinated areas during their retirement or after the age of 58 years

• The EPS annuity conspire permits certain game plans for a part who needs to pull out the benefits reserves early

• EPFO record can be moved to the widow or offspring of the part on the off chance that the recipient passes on

Varishtha Pension Bima Yojana (VPBY)

Varishtha Pension Bima Yojana is an administration benefits plot that offers pay security just as an ensured pace of return. It gives annuity pay-outs to senior residents as an Immediate Annuity Plan. This plan is otherwise called LIC Varishtha Pension Bima Yojana since it is executed through Life Insurance Corporation of India. In the plan, the part needs to pay their preferred premium toward the start of the approach. When this premium is paid, they are qualified for a standard annuity. The Varishtha Pension Bima Yojana offers a guaranteed benefits dependent on an ensured pace of return of 8% per annum, for a time of 10 years. Here, the part can select the benefits on a month to month, quarterly, half-yearly or yearly premise.

Qualification:

• Available for residents matured 60 years or more

• No limit on the greatest age for this benefits

Advantages of Varishtha Pension Bima Yojana:

• All installments under this strategy are made by NEFT or ECS

• Offers a guaranteed benefits with an ensured loan cost of 8% per annum, which is higher than a large portion of the other senior resident annuity plans

• Different pay-out modes accessible for getting annuity for example month to month, quarterly, semi-yearly or yearly

• Free-look time of 15 days accessible from the date of receipt of the approach. In the event that the part wishes to pull out from the plan, the exceptional sum will be discounted (after derivation of stamp obligation charges)

• The expenses paid under this arrangement are charge absolved under Section 80C of the Income Tax Act

• A part can apply for a credit against the LIC Varishtha Pension Bima Yojana following a time of 3 years. The measure of advance offered will be up to 75% of the arrangement sum

• In case the policyholder bites the dust, at that point the top notch installment will be discounted to the life partner/chosen one

[marymosley]

Expectations from Social Security Bill 2019

Abstract:- Workers of the world, unite you have nothing to loose but your chain, the cry of communist revolution was a notion to establish a country free from suppression, open to change and unprecedented access of the proletariat to the economy and mode of production. Now when the workers are free with an ideal democratic government in this modern and scientific era, the protection of rights and health of the labourers especially in the Indian context are the burden of a multidimensional legislation and dedicated government. Inline with the same ideology Indian parliament tries to draft new codes that seeks to modify and amalgamate the old colonial and postcolonial laws in four new codes that will act to meet the present need and circumstance. In this article I am going to talk about the one among the four code, The Social Security Bill 2019, the motive of the bill, its applicability in the current scenario and the loophole that need to be considered.

Background of Code on Social Security Bill 2019:- The social security code bill was introduced in Lok Sabha by Mr. Santosh Kumar Gangway, the Minister of State for Labour and Employment on December 11, 2019, the bill has 163 clauses, segregated into 14 different chapters along with 6 schedules on the procedural aspect, this code is the forth code that has been proposed by the government to merge 40 existing labour laws in addition to :- Industrial Relation Code, which has already been approved by the parliament. Code on Wages, this code is also approved by the parliament. Code on Occupational safety, Health and Working condition, which has been sent to a standing committee for the review purpose by the Lok Sabha. The social security code bill is an instrument that tried to conflate the eight existing labour laws:- Employment Compensation Act, 1923 Employment State Insurance Act, 1948 Employment Provident Fund And Miscellaneous Provisions Act, 1952 Maternity Benefit Act, 1961 Payment of Gratuity Act, 1972. Cine Workers Welfare Fund Act, 1981 Building And Other Construction Workers Cess Act, 1996 Unorganised Workers Social security Act, 2008

Insight of the bill :- In order to cater with the pace of the world and changing economic environment, this code is framed, so that the workers across nation doesn’t have to voyage the ocean when they are looking for help in case of illness or other misfortunes. No matter whether the workers are organized or unorganised, gig workers or freelancers, this bill is designed to include each and everyone within a vigour social security circumference. This bill promises to establish a social security fund using corpus available under corporate social responsibility, which will provide welfare benefits such as medical coverage, death and disablement benefits, pension etcetera, to all the workers. Under this bill the government of India may notify other social security schemes such as EDLI, EPS, EPF. These may provide for a pension fund, provident fund and insurance coverage. This bill also says that the government may also notify:- Employees state insurance scheme to provide maternity, sickness and other benefits. Gratuity to workers on completing five year of employment or even less then that in case of death of the employ. Maternity relief to all the women employee. Cess for welfare of construction workers. Compensation to employees and their family in case of any occupational disease or injury, for example if an employee is going to his office and met with an accident, this bill seeks to provide relief, which was not there in the previous laws.This bill also provides for an option to reduce PF contribution which is 12% of basic salary as per the present law, increasing workers take home pay that will improve the economic condition of the working class. Under this bill the central or the state government may notify specific schemes for gig workers, unorganised workers, platform workers to provide different benefits, including life and disability coverage.

This bill also seeks to establish several bodies to administer and monitor the social security schemes. These schemes include:- An Employees State Insurance Corporation, which will be headed by chairman appointed by central government in order to monitor ESI Scheme. A Central Board of Trustees, headed by the central provident fund commissioner, to administer the, EDLI, EPS, EPF. State level building workers welfare board, chaired by a state government appointed person, to monitor schemes for building workers. National and state level Social Security Boards, headed by the centre and state minster for Labour and Employment, respectively to administer the schemes for unorganised workers. The bill also provide for a specific judicial bodies which may hear appeal from administrative authorities, for instance Industrial tribunal which was constituted under the Industrial dispute act, 1947 will resolve the disputes concerning EPF Schemes. The bill also talk about Inspector-cum-facilitator, which may get appointed by the appropriate government in order to inspect establishment covered by the code. This code also specifies about the crimes and penalties one have to bear in case of any breach or offence for example:- Failure by the side of an employer to pay contribution under the code after deducting the employee’s share is a crime punishable with an Imprisonment between one to three years and fine of one lakh rupees Falsification of reports, punishable offence with an imprisonment up to 6 months. Non-payment of maternity benefit, etcetera.

Expectation from the bill:- This Bill is a bill of new era that solicit to provide social security to all those people whose future was in a bleak and uncertain state because of the old and evasive law. The bill tries to create a regime which will provide good protection and welfare to Indian workers, in a situation where there is a great apathy towards labour laws, employees are refraining to the laws that many a time they desist from setting up a new enterprises. And also the employer faces a lot of difficulties to adhere with the existing 44 labour laws, this bill provided them with a single law to focus on. After the bill, the unorganised sector employees are now covered under a Unique Identity Number ( UIN ) which will be linked to the AADHAR. It also expanded the coverage of trade union and their writ on the workers, as in the present scenario trade union only focuses on shrinking organized sector labour force and this code by expanding the scope, is giving a larger platter for trade union to work upon. The ambit of this code covers the number of employees which are organization has, if it has more than 10 workers it will come under the law, also the workers under hazardous condition will also be covered by this net.

Criticism:- After all the efforts and brighter side of the bill, in one point or other, there are some cons to the bill, which needs to be calculated and resolved:- The bill fails to provide a uniform definition of social security, and also there is no central fund. The corpus is proposed to be segregated into various funds, creating numerous authorities and confusion. Important categories such as wages workers, principle agent in a contractual situation and under organized- unorganised sectors are not well defined. The bill lacks to establish that how the government proposes to facilitate gig worker’s access to PF or medical care. The bill also lacks to consider the fact that provisions of meaningful social security on such a humongous scale is beyond the capacity of any single ministry at any single level of government. Housing and education are the integral part of security and it can’t be achieved by any single ministry especially if the population of country is approx. three billion. Nor these can be achieved from the contribution of employers and employees. The present government seeks to provide healthcare and housing for all and these are to be funded by the exchequer but these points seems to overlap between welfare policies of the government and social security.

Conclusion:- The human right and the right of labours are the counterpart to the social security labourers should possess. The Social Security Code bill 2019 is a remarkable step in a right direction which tries to give a robust and efficient coverage to all the workers around the nation. It also protects them from various risk in a working environment in order to ensure employment and dignified life.

Reference:-

[RSTV The Big Picture] Code on Social Security Bill, 2019

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Author: Akanksha, Legal intern at Legal Desire (June 2020)

A first year BA.LLB student from NARSEE MONJEE INSTITUTE OF MANAGEMENT SCIENCE (NMIMS), School of Law, Bengaluru.

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