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epfindia.gov.in.org The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance .
The employee contributes 10% of his gross salary to the system while the employer contributes a matching amount. At the official age of retirement, the employee can withdraw 60% of the amount as a lump sum while 40% needs to be compulsorily used to buy annuity that will be used to pay a monthly pension. The system tries to achieve a target of ...
The Public Provident Fund (PPF) is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits.
The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004. While the scheme was initially designed for government employees only, it was opened up for all citizens of India in 2009. NPS is an attempt by the government to create a pensioned society in India.
As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. Specific provident funds include: Employees' Provident Fund Organisation, India's statutory retirement plan
The Employees’ State Insurance Corporation (ESIC) raised the monthly wage limit to Rs. 21,000 from the existing Rs. 15,000, for coverage with effect from 1 January 2017. The rate of contribution was reduced from 6.5% to 4% ( employer's share 3.25% and employee's share 0.75%) effective from 1 July 2019. Landmark Judgements
The National Informatics Centre (NIC) is a premier Indian government department under the Ministry of Electronics and Information Technology (MeitY). The NIC provides infrastructure, IT Consultancy, IT Services including but not limited to architecture, design, development and implementation of IT Systems to Central Government Departments and State Governments thus enabling delivery of ...
The overall employment in the eight selected sectors covered in the quarterly surveys has increased by 10.66 lakh (0.16%). In IT/BPO sector the increase in the employment is maximum (6.9 lakh) during the year 2009–10. Emigration of Labour for employment abroad; Employment services and vocational training