Friday, November 13, 2015
Posted by GICEU - AP (Regd.No.B-1646), Affiliated to NFGIE, Mumbai. at 7:29:00 PM
The Employee Provident Fund (EPF) is one of the most common forms of investment among salaried individuals. A small part of your salary is invested in EPF and that amount is matched by your employer every month.
The employees and employers contribution is maintained by the Employees Provident Find Organisation (EPFO), under the administrative control of Ministry of Labour and Employment, Government of India.
Here’s all you need to know about Employee Provident Fund :
Equity: Since the EPF is invested in fixed income alone, it is expected to offer a good rate of return when invested in equities. The EPFO has also started investing in stock market through exchange-traded funds. The government has approved for 5-15% of EPF money to be invested in the volatile stock market.
Nomination: Did you know that you can assign a nominee for the amount of provident fund you’ve been investing every month? The nominee listed in your account will be contacted at the time of death and handed over all your money. The Form 2 provided by the EPFO department will allow you to nominate and update nomination changes.
Employee Pension Scheme (EPS): 12% of your salary every month goes into your provident fund. However, out of the money your employer matches, 8.33% of it or a maximum of Rs 1,250 goes into your Provident fund and the rest into your pension scheme. You are liable for pension only if you’ve survived 9.5 years of work life and your EPF has been transferred when you changed jobs.
Withdrawal: Did you know that it’s illegal to withdraw your EPF amount when you’re switching jobs? Yes, you can only withdraw your provident fund money if you don’t have a job at the time of withdrawal. You are only supposed to transfer your EPF account when you are changing jobs.
Opt out of EPF: If your basic salary is more than Rs 15,000 then you have an option to opt out of employee provident fund. However, you will have to make this choice at the start of your job. If you’ve been a part of the EPFO family even once, then you don’t get the choice of opting out.
RTI: If there is any kind of information you would like to know about employee provident fund, all you have to do is access your right to information. You can file an RTI application for any issues regarding your provident fund, be it transfer, withdrawal or balance enquiry.
Posted by GICEU - AP (Regd.No.B-1646), Affiliated to NFGIE, Mumbai. at 6:37:00 PM
Thursday, November 5, 2015
Further to our earlier news we are giving some main issues discussed with jointly
with GIPSA Management.. Mr Sujit Bagchi , President and Mr P S Bajpai, General Secretary on behalf of NFGIE attend the meeting.
Outcome of the Jt. . meeting
... Demands for HRA and CCA without ceiling
Education Loan for children with 8.5% interest.
Cash handling allowance for MO
Newspaper reimbursement for Class III & IV
Upto 3 days SL without Medical Certificate.
Lunch Coupon --- are some of the benefits that they may be mooted after consultation with LIC.
Denied : LTS Encashment.
Further revision of Basic and DA portion of FPA
Further revision of Basic and DA portion of FPA
Management will have a round of discussion on amendments of Promotion Policy
PLLI may be split into Profit linked and Productivity Linked.
Seperate Scheme for MO incentives. Paternity Leave will be decided in GM(P)
Detail circular follows.
Posted by GICEU - AP (Regd.No.B-1646), Affiliated to NFGIE, Mumbai. at 8:24:00 PM
Tuesday, October 20, 2015
19 October 2015
The Principal Office Bearers of All Check Off Qualified Unions/Associations of Member Companies,
Please refer to the discussions we had in the Meeting held on 3rd March, 2015 at Hyderabad on the subject, at which lot of ground was covered by both the sides and it was agreed to hold further discussions to cover the rest of the ground to reach finality on the issue.
Keeping in view the observations made in the said Meeting, the Governing Board of GIPSA, in telephonic mandate to us, has desired us to organize the next round of deliberations on the subject, at which the CMDs would be meeting the Check Off Qualified Unions/Associations of our Member Companies in a Joint Meeting.
The Joint Meeting of the CMDs with the Unions/Associations is scheduled to be held from 10.30 a.m. onwards on 29th October, 2015 at Lotus Room, Hotel Trident, Nariman Point, Mumbai, at which each Union/Association is to be represented by 02 Office Bearers.
The Meeting shall be followed by, and conclude with, lunch.
We would request you to kindly attend the said Joint Meeting and join us for lunch accordingly and nominate your 02 Office Bearers for the same per return of mail.
In view of the short notice for the said Meeting, in case journey tickets for any of your 2 delegates are not available by the entitled mode of travel, they may avail air travel by the apex fare by following the procedure and approaching the respective competent authority prescribed under the Rules for attending this meeting, for which purpose a copy of this mail is also being endorsed to GMs (P) of our Member Companies.
We look forward to your constructive participation and fruitful discussions at the Meeting.
General Insurers' (Public Sector) Association of India
Ground Floor, Gate No. 2, Jeevan Tara Building,
Parliament Street, New Delhi-110001
Tel. No. 011-23744591, Fax No. 23744599
Mob. No. 83350-80094 & 93503-55005
Posted by GICEU - AP (Regd.No.B-1646), Affiliated to NFGIE, Mumbai. at 5:38:00 PM