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The DA Rate for Industrial Workers (since 1 January 2007 with Base year 2001=100) for 3rd Quarter (Oct-Dec), 2015 has been declared as 107.9% and that of 4th Quarter (Jan-Mar), 2016 is 112.40%. The 5th Pay Commission recommendations were implemented since 1 January 1996 and consequently DA rate with effective from 1 January 1996 became 0.
On 19 November 2015, the 7th Central Pay Commission recommended a 23.55% increase in pay and allowances, effective from 1 January 2016. [13] On 29 June 2016, the Union Cabinet approved the Seventh Pay Commission’s recommendations, which were to be implemented from 1 January 2016.
The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9] The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees' Provident Fund Scheme, 1952
The Social Security COLA calculation uses data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) released by the Bureau of Labor Statistics at a specific point in ...
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 ...
The remaining 20% alone will now be taxed at slab rates on withdrawal. [25] In 2017 Union budget of India, 25% exemption of the contribution made by an employee has been announced as a form of premature partial withdrawal in NPS. [26]
Coal Mines Provident Fund Organisation (CMPF) is an agency of the Indian government established in 1948 under The Coal Mines Provident Fund and Miscellaneous Provisions Act 1948. [1] It serves as the official pension fund of coal miners and is financed by coal producers on a per-tonne basis. [ 2 ]
Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body for overall supervision and regulation of pensions in India. [2] It operates under the jurisdiction of Ministry of Finance in the Government of India.