Towers Watson Media

Employee Benefit Updates

  • Towers Watson Media
    India Periodical in English
    This periodical provides latest research, insights and opinion on employee benefits.
    Audience: Finance and HR professionals
    • Showing 1 to 10 of 34 entries
    • Update on Supreme Court judgement with respect to pension provision under the EPS95 scheme of the EPFO
      The Employees’ Pension Scheme, 1995 (EPS95) scheme is designed to provide a pension in retirement in exchange for contributions that have been made to the Employees Provident Fund Organisation (EPFO) over the working lifetime of an employee in India.
    • Latest update on Provident Fund
      A significant Supreme Court Judgement was made on 28 February on a series of court appeals related to whether certain allowances (including special allowance) paid by an Establishment under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (“EPF Act”) are to be included in the definition of basic wages, for the purpose of Provident Fund (PF) contributions in India.
    • Latest updates around National Pension System (NPS)
      In an announcement made on 10th December 2018, the Finance Minister has outlined some key intended changes to the NPS infrastructure. The announcement covered some aspects that apply to the entire scheme and others that are applicable to Government employees only.
    • EPFO Reduction in Administrative Charges
      In our endeavour to bring the latest updates and notifications in the field of retirement and other long term benefits, we are pleased to share that the Employees' Provident Fund Organisation (EPFO) has further reduced administrative charges levied on un exempted funds.
    • Latest update on Gratuity Amendment Bill
      In a long awaited move, the Lok Sabha passed the Payment of Gratuity (Amendment) Bill (“the Bill”), 2017 without any major alterations. The Bill was originally intended to be tabled in the 2017 Winter Session of Parliament but was pushed to the extended Budget Session in 2018.
    • Employee Benefits Update
      As per the recommendations of the seventh Pay Commission, the Central Government increased the gratuity ceiling applicable to central government employees to INR 20 lakhs (INR 2 Million) in 2016. Earlier this week, the Cabinet approved a bill which proposes a similar amendment for non-Central Government employees.
    • Recent developments around Employees Provident Fund (EPF)
      We would like to update our clients that the EPF rate for the year 2016-17 has been declared to be 8.65%.
    • Portability between Superannuation and NPS
      The Pension Fund Regulatory and Development Authority (PFRDA) has issued a circular dated 6th March 2017 with guidelines in respect of transfers of recognised Provident fund and Superannuation funds to individual National Pension System accounts.
    • Proposed Revision of Gratuity Ceiling
      As you would be aware, the Gratuity limit for central government employees has been raised to Rs. 20 lakh from 1st January 2016, following the recommendations of the 7th Central Pay Commission. A similar proposal for the non-government sector is under consideration.
    • Recent developments around Employees Provident Fund (EPF)
      The Employee Provident Fund Organisation has recommended that the interest rate to members’ account for financial year 2016-17 be 8.65%. This is a reduction from 8.8% last year.
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Employee Benefit Updates
This periodical provides latest research, insights and opinion on employee benefits.
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