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The Employees' Provident Fund Organisation (EPFO) holds a pivotal role in India's social security system, dedicated to ensuring the financial security of employees. Operating under the jurisdiction of the Government of India's Ministry of Labour and Employment, the EPFO is entrusted with the regulation and oversight of provident funds in the ...
It is run by the social security body Employees' Provident Fund Organisation (EPFO). In this system, an employee contributes 10% to 12% of his monthly salary here and his employer contributes a matching amount, with a total contribution of 20% to 24% of the employee's gross salary, while the state contributes an additional 1.16%, which makes it ...
The entire 12% contribution of the employee goes towards the Employees’ Provident Fund Scheme (EPF), while from the employer's share of 12%, 3.67% goes to the Employees’ Provident Fund and 8.33% goes towards the Employees’ Pension Scheme (EPS) along with 1% contribution of the government while 0.5% contribution of the employer goes to the ...
Employees' State Insurance Corporation (ESIC), established by ESI Act, is an autonomous organisation under Ministry of Labour and Employment, Government of India.As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the ...
A unified portal for all compliance pertaining to Chief Labour Commissioner of India, Director General Mines and Safety, Employee State Insurance Corporation, and Employee Provident Fund Organization. There are 16 laws that are covered here like Payment of Wages Act, Minimum Wages Act, Contract Labour (Abolition and Regulation) Act.
Provident fund is another name for pension fund.Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
The Public Provident Fund (PPF) is a voluntary savings-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns ...
India had more central and state government employees in 2008, than employees in all private sector companies combined. If state-owned companies and municipal government employees were included, India had a 1.8:1 ratio between public sector employees and private sector employees. In terms of gender equality in employment, male to female ratio ...