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The EPFO's top decision-making body is the Central Board of Trustees (CBT), [2] [3] a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. [4] As of 2021, more than ₹ 15.6 lakh crore (US$209 billion) are under EPFO management.
Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). [8] The EPF claims that the lowered dividend is the result of its decision to invest in low-risk fixed revenue instruments, which produce lower returns but maintains the principal value of its members' contributions.
The Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952, mandates employers to pay 12% of the salary (consisting of basic wages, Dearness allowance, retaining allowance and value of food contribution) as a contribution on behalf of employer and employee each towards employees provident fund and employees pension fund every month.
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 ...
Union Territories (Direct Election to the House of the People) Act: 1965: 49 Seamen's Provident Fund Act: 1966: 4 Asian Development Bank Act: 1966: 18 Delhi High Court Act: 1966: 26 Railway Property (Unlawful Possession) Act: 1966: 29 Punjab Reorganisation Act: 1966: 31 Beedi and Cigar Workers (Conditions of Employment) Act: 1966: 32 Police ...
The benefit under Section 80C, Section 80CCC and Section 80CCD(1) is capped at ₹1,50,000 as per 80CCE. Additional investment of up to ₹50,000 under Section 80CCD(1B). This is over and above tax benefit under Section 80C; and is exclusive to NPS. [51] Employer co-contribution up to 10% of basic and DA under Section 80CCD(2) in the Old Tax ...
On 19 September 2013, [7] the President, Pranab Mukherjee, gave his assent to Pension Fund Regulatory and Development Authority Bill of 2013, which was passed in the Monsoon Session of Parliament on 4 September 2013 in the Lok Sabha and 6 September 2013 in the Rajya Sabha, to make it a Permanent Act.
Depositories Act, 1996: This act regulates the functioning of depositories in India, which hold securities in electronic form and facilitate their transfer. Public Financial Management System, 2016: This system is an online platform for the management of government finances in India, including budget preparation, expenditure management, and ...