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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 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
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 ...
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Kendriya Hindi Sansthan (KHS), Agra; ... Employees' Provident Fund Organisation; ... (Pension) Rules, 1972. It also administers various welfare schemes for central ...
The contributory pension system was notified by the Government of India on 22 December 2003 to the National Pension System (NPS) with effect from 1 January 2004. The NPS was subsequently extended to all citizens of the country with effect from 1 May 2009 including self employed professionals and others in the unorganized sector on a voluntary ...
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. [1] Instances where an employee exchanges (cash) wages for some other form of benefit is generally ...
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.