Body In 1995, the Employees' Provident Fund Organization (EPFO) introduced a new pension plan. Additionally, a provision for the PF holder to receive a pension was included in this. On its website, EPFO recently added a pension calculator which makes it simple to calculate your pension. It will help to calculate the total amount of pension an individual will receive after retirement and how much pension will an individual hey if he starts to claim benefits at the age of 50. It will also explain that how those who began receiving pensions on or after April 1, 2014, may utilise the EPS calculator. Here is the complete process listed below in easy steps: Step 1: Fill in the pensioner's birthdate on the website. Before utilising this calculator, the EPF member's date of birth must have been on or after 1 April 1953 and they must have reached the age of 58 as of 1 April 2011 in order to qualify. Step 2: After providing the birthdate, you must fill out the calculator with your joining and service exit information, including your retirement date. The joining date for the service must be on or after November 16, 1995, under EPFO regulations. Step 3: After this, you must input the NCP Day number. NCP, or non-contributory period, refers to a time period during which neither you nor your employer paid your EPF payment. This can also be understood to mean that the day you are on vacation is referred to as your non-contributory time. NCP comes in two varieties. NCP Days must be entered in NCP-1 through August 31, 2014. However, NCP days that occur after August 31, 2014, will be noted in NCP-2. Step 4: If a member has worked at more than one location, he may add all those terms, according to the EPFO. If you comprehend this in such a manner that you can input the work completed in both firms over the service time, for example, if you worked for two years in one company before spending three years in another. Step 5:Following this, you will see the system's start date for the pension. There, enter the day you got your first pension. Step 6:The pensionable wage will then be written down. You enter your salary here. The average income from the previous 12 months, if your pension was begun on or before August 31, 2014, and the average income from the previous 60 months, if your pension was started after that date, will determine your pensionable wage. Step 7: The highest limit of pensionable income, as per the EPFO's new regulations, was Rs. 6500 till August 31, 2014, but was extended to Rs. 15000 for a later date, i.e. 15000 until September 1, 2014, for the purposes of this calculator. And as of August 31, 2014, Rs. 6500 should be the maximum annual income. Your monthly pension will be shown on the calculator once all the information has been entered. According to EPFO, starting on September 1, 2014, pensioners will receive a minimum pension of Rs 1,000. In other words, if your pension drops to Rs 540, EPFO will still pay you Rs 1000 in pension. According to EPFO, pension benefits begin to increase after 50 years. However, if you draw your pension before age 58, EPFO will deduct at a rate of 4% per year. In other words, the amount will be decreased at a rate of 4% for the number of years before the pension is received from 58. A concrete example can help you comprehend the entire procedure. A member who was hired on November 27, 1995, and who was born on October 2, 1964, will retire with a pensionable income of Rs 15,000 on January 21, 2022, if there have been no NCP days. After entering all of the relevant data into the calculator, it is clear that, if his pension is to begin on January 21, 2022, he will receive a monthly pension of Rs 3327. Share on: */

Body You can now use the Unified Payments Interface to make a contribution to the National Pension System (NPS) account (UPI). In order to enable customers to make same-day investments and NAV, the Pension Fund Regulatory and Development Authority (PFRDA) has developed a UPI handle that can be used to deposit contributions using D-Remit. Additionally, users have the option to set up monthly, quarterly, half-yearly, or annual recurring auto debit for their payments to NPS. Additionally, they will have the choice to change the amount, the timing of their auto-debit, and whether it is enabled or paused, depending on their convenience. Currently, deposits for NPS contributions can be done through internet banking services including IMPS, NEFT, and RTGS. With the launch of the UPI handle PFRDA.15digitVirtualAccount@axisbank, the NPS subscribers' ability to make voluntary contributions via D-Remit should be made simpler. The D-Remit virtual account's linked Permanent Account Number (PRAN) is distinct and begins with 6001 or 6002, according to the pension regulatory agency. The D-Remit Virtual Account number varies for Tier I and II as well. Here's how to set up a virtual account number and contribute using UPI: Log in to the eNPS website for the CRA System. Enter the necessary data to confirm PRAN. Enter the OTP that was sent to your registered email address or mobile number. Choose the account's tier type—I or II—for which the virtual account is to be created. To send the request to the Trustee bank, click "Generate Virtual Account." An Acknowledgement Number for your request will appear on the screen. Each tier type generates a different number.   The Trustee Bank (TB) will examine the contributions received under the D-Remit before 9:30 AM for investment on the same day. Any contribution received after 9:30 AM will be evaluated for investment on the following day.   Since the lowest contribution permitted under D-Remit is Rs. 500 or more, the PFRDA made this clarification. The trustee bank must repay any deposits that would be less than that sum. The National Pension Scheme is an optional retirement savings programme that enables participants to make contributions toward anticipated savings to ensure future benefits in the form of a pension. Share on: */

Body On Saturday, Chief Justice of India Justice N V Ramana emphasised the importance of creating an educational model that teaches students how to deal with real-life challenges and bemoaned the fact that institutions of higher learning were losing their social relevance due to the proliferation of education factories. After being awarded an honorary doctorate of letters from his alma mater, Acharya Nagarjuna University (ANU), he emphasised that such education should also help to build social unity and make people into valuable members of society. Justice Ramana added that young people need to be conscious change agents who consider sustainable development approaches. This consciousness must be forward-thinking in your particular disciplines while also taking into account the requirements of our society and environment. It is time for our educational system to change, he continued. The importance of interpersonal connections and responsible citizenship must be emphasised in our institutions. To provide young minds with the skills and attitudes they need to change our society with awareness and the proper understanding, we should combine our historical baggage with a futuristic vision. The development of an educational model that teaches us how to handle obstacles in real life is urgently needed. It should make it possible for us to develop social cohesion and produce people who contribute significantly to society. True education should equip people with the awareness of the pervasive problems in society as well as the means to address them. He emphasised that when our institutions of national importance were established, the only goal was to give everyone a good education geared toward country building. The CJI recalled how many social movements in the state had flourished on this university campus in the past. In a previous era, when we were students, we had a strong connection to social issues and people's problems. These early connections to social concerns are what influenced our attitudes toward nation-building. According to CJI Ramana, institutions and their research divisions ought to concentrate on problems that our nation faces and work to provide complete solutions. Universities need to work with famous research and development organisations in addition to developing their internal skills. This will give students real-world experience and promote a culture of scientific inquiry and research. He also urged the state to actively participate in allocating funds for research and innovation, stating that it would be a sad commentary if we allowed our most important fields of study and research to deteriorate due to a lack of funding. The CJI stated that while pursuing economic growth, we must not lose sight of our responsibility to preserve culture and the environment, since doing so would be a great dishonour to our roots. He also urged the creation of a democratic system in which the diversity of identities and viewpoints is acknowledged as well as the development of an inclusive vision of growth. Share on: */

Body On Saturday, Chief Justice of India Justice N V Ramana emphasised the importance of creating an educational model that teaches students how to deal with real-life challenges and bemoaned the fact that institutions of higher learning were losing their social relevance due to the proliferation of education factories. After being awarded an honorary doctorate of letters from his alma mater, Acharya Nagarjuna University (ANU), he emphasised that such education should also help to build social unity and make people into valuable members of society. Justice Ramana added that young people need to be conscious change agents who consider sustainable development approaches. This consciousness must be forward-thinking in your particular disciplines while also taking into account the requirements of our society and environment. It is time for our educational system to change, he continued. The importance of interpersonal connections and responsible citizenship must be emphasised in our institutions. To provide young minds with the skills and attitudes they need to change our society with awareness and the proper understanding, we should combine our historical baggage with a futuristic vision. The development of an educational model that teaches us how to handle obstacles in real life is urgently needed. It should make it possible for us to develop social cohesion and produce people who contribute significantly to society. True education should equip people with the awareness of the pervasive problems in society as well as the means to address them. He emphasised that when our institutions of national importance were established, the only goal was to give everyone a good education geared toward country building. The CJI recalled how many social movements in the state had flourished on this university campus in the past. In a previous era, when we were students, we had a strong connection to social issues and people's problems. These early connections to social concerns are what influenced our attitudes toward nation-building. According to CJI Ramana, institutions and their research divisions ought to concentrate on problems that our nation faces and work to provide complete solutions. Universities need to work with famous research and development organisations in addition to developing their internal skills. This will give students real-world experience and promote a culture of scientific inquiry and research. He also urged the state to actively participate in allocating funds for research and innovation, stating that it would be a sad commentary if we allowed our most important fields of study and research to deteriorate due to a lack of funding. The CJI stated that while pursuing economic growth, we must not lose sight of our responsibility to preserve culture and the environment, since doing so would be a great dishonour to our roots. He also urged the creation of a democratic system in which the diversity of identities and viewpoints is acknowledged as well as the development of an inclusive vision of growth. Share on: */

Body The four new labour codes aim to standardise terminology, streamline processes, and provide a greater level of worker safety. The updated laws, which are waiting for their effective notice date, will replace and combine the current 29 core labour laws. The Occupational Security, Health and Working Conditions Code, 2020 (the "OSH Code") and Guidelines, one of several codes, has established specific regulations for the issue of appointment letters and has established formats for a comparable document (part 6 of the OSH Code learn with Rule 7 of the OSH Guidelines). The 13 current guidelines do not need any special clauses regarding the issuing or format of appointment letters. Appointment letter: A legal contract An official contract between the employer and the employee is the appointment letter. It is a document that the employer issues certifying the employee's position inside the company as well as the terms and conditions of employment. As previously stated, an employer is required under the OSH Code to issue each employee a letter of appointment in a format that may be established by the appropriate regulations immediately upon the employee's employment with the organisation. According to the OSH Code, if a worker has not received such an appointment letter on or before the graduation of the Code, the employer must give one within three months of the Code's graduation. Contrast that with the current scenario, in which no format is mandated. Therefore, even if an employee has previously received an appointment letter before the new regulations take effect, a fresh appointment letter must be given out within three months of the new regulations taking effect date. The new appointment letter must follow the format requirements outlined in the Code. Aadhaar Number, Labour Identification Number (LIN), Universal Account Number (UAN), and avenues for obtaining greater wages/higher positions (basis for increments, promotions, etc.), which are now not mentioned within the appointment letter, will now need to be included. In addition to the aforementioned, the appointment letter and its sections pertaining to social security, gratuities, etc. will need to be examined in order to realign and reflect the modifications necessary under the other labour codes aside from OSH. Additionally, adjustments will be required to clarify the special advantages offered to women employees and fixed-term employees, as necessary. This is a positive move since it will increase openness and standardise the information that should be included in appointment letters. To further guarantee that all applicable rules are followed, the employer shall additionally make reference to the OSH Code and Rules informed by the relevant states as well as any other state legislation, such as the Shop and Establishment Act, while issuing an appointment letter. Additionally, one should be aware that the employer may face harsh fines, ranging from Rs 2 lakh to Rs 3 lakh if the OSH Code and Rules are not followed. For every day that a violation persists, there will be extra fines of Rs 2,000 if compliance is not maintained. Therefore, it is essential for employers to keep an eye out for notifications of the Labor Codes' effective dates, recognise and comprehend the changes mandated by them, be prepared to assure compliance, and tell their staff. Share on: */

Body The Central Government intends to implement new labour laws from July 1, 2022, which will affect the salary structure, PF contribution, working hours, and earned leave encashment. So far, 23 states have framed the labour code rules passed by the parliament in February 2021. Listed below are the changes that would be implemented after the new labour law comes into force: 1. The companies would be allowed to change the office working hours by increasing it to 12 hours from current 8-9 hours. But to compensate for the extra working hours, the companies would require to allot the employees three weekly offs. 2. Across industries, the maximum amount of overtime hours for workers has been increased from 50 to 125 hours every quarter. 3. The take-home wage component and the employer's contribution to the provident fund will both change significantly. The employee's basic wage might be reduced to 50% of the gross income under the new regulations. It will raise both the employee's and the employer's PF contributions. Some employees, particularly those in the private sector, will see their take-home pay decline. 4. The amount of money received after retirement, as well as the gratuity amount, will increase enabling the employees to live a better life after retirement. 5. The government also wants to simplify how much leave a worker may take during his or her job, how much leave can be carried over to the next year, and how much leave can be encashed while on the job. The revised Labour Codes have cut the 240-day work requirement for leave to 180 days of employment in a year. However, the amount of paid time off will stay the same, with one day of paid time off for every 20 days worked. Similarly, no changes have been suggested to the 30-day restriction on carrying forward leaves. 6. The federal government has recognised Work From Home (WFH) as a common market practise across sectors, particularly after the onset of the covid-19 epidemic, in the draught model standing order applicable to the service industry. Share on: */

Body Human resource (HR) leaders are not just limited to talent acquisition and management but have been upgraded to be involved in business operations citing the new corporate set-up. The shift in HR's role is due to three main reasons, including the advent of technology, rapid globalisation and the recent outbreak of COVID-19. HR needs to understand all the aspects of the business while handling the HR strategy. HR professionals need to be ahead of the curve and stay updated about the upcoming trends and what's happening on the business front. HR needs to be futuristic to manage the business ecosystem more efficiently. For example, green energy will become a prime thing in the next three to five years, and HRs need to be professionally capable to facilitate the shift. HR has to be more careful after the Great Resignation phenomenon post the pandemic. They need to overcome challenges in talent management by meeting the employees and understanding them, as the great migration is still on and the employees are comparatively knowledgeable with more vivid choices. The employee-employer relationship is transforming rapidly, and nowadays, employees are seeking a partnership in business. Hence, the HR's role becomes more prominent to understand the expectations of the employees and the changes that they expect. Share on: */

Body Startups are known for making lucrative offers to job seekers which are difficult to reject, but the recent scenario in the market has forced startups to take extreme steps making it a scary place. Some of the popular startups in India like Vedanta, Meesho, Trell, Furlenco, Unacademy, Cars24 and many others have laid off over 5000 employees. It is estimated that the firings will continue further. Most of the laid-off employees stated that they were not even given prior notice before being fired. Talking about the exact figures, in the first quarter of 2022, Ola laid off close to 2100 employees, Unacademy let go 926 employees, Vedantu fired more than 600 employees, whereas Cars24 has laid off 600 employees. Even Meesho, a newly founded startup, has laid off around 150 employees. The main reason behind these firings is unknown, but cost-cutting is the common reason for the layoffs. Other reasons might include the slowed funding to the startups that are eventually building pressure from the investors. A popular ed-tech company Vedantu has a workforce of 5900 employees and has asked 424 of them to leave the job, which accounts for 7% of the workforce. A successful e-commerce platform, Meesho, which clocked 100 million users and registered a 6 lakh sales base, has also laid off close to 150 employees. The company's management has promised to offer severance packages and outplacement assistance to laid-off employees. A used car marketplace Cars24, has also fired over 6% of its workforce in May, accounting for over 600 employees. The company has not revealed the reason for the firing as yet. Share on: */