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Showing posts with label Withdrawal from Service. Show all posts
Showing posts with label Withdrawal from Service. Show all posts

Saturday, 22 December 2018

08:53

NPS Withdrawal Norms

NPS Withdrawal Norms 
The Pension Fund Regulatory and Development Authority (PFRDA) has changed the norms for withdrawal of National Pension System (NPS) subscribers. Keeping in view the possibility of sudden financial needs of the subscribers, the requirement of minimum period under National Pension System (NPS) for availing the facility of partial withdrawal from the mandatory Tier-I account of the subscriber has been reduced from 10 years to 3 years from the date of joining w.e.f. 10th August, 2017. The minimum gap of 5 years between two partial withdrawals has also been removed w.e.f. 10th August, 2017. A subscriber is eligible for three partial withdrawals during the period of subscription under NPS, each withdrawal not exceeding twenty-five percent of the contributions made by the subscriber and excluding contributions made by the employer. There is, however, no restriction on withdrawals from the Tier-II account of the subscriber.
The extent and purpose for which partial withdrawals from the Tier-I account under NPS are permissible are as under:
Purpose
for higher education and marriage of his or her children including a legally adopted child;
for the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted;
for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:
 (a)Cancer;
b)Kidney Failure (End Stage Renal Failure);
(c)Primary Pulmonary Arterial Hypertension;
(d)Multiple Sclerosis;
(e)Major Organ Transplant
(f)Coronary Artery Bypass Graft;
(g)Aorta Graft Surgery;
(h)Heart Valve Surgery;
(i)Stroke;
(j)Myocardial Infarction;
(k)Coma;
(l)Total blindness;
(m)Paralysis;
(n)Accident of serious/ life threatening nature
(o)Any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.
Towards meeting the expenses by subscriber for skill development/re-skilling or for any other self-development activities.
Towards meeting the expenses by subscriber for establishment of own venture or any start-ups.
To meet medical & incidental expenses arranging out of disability or incapacitation suffered.
Limits
The subscriber should have been in the National Pension System at least for a period of three years from the date of his or her joining;
The subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal;
Frequency
The subscriber shall be allowed to make partial withdrawals for a maximum of three times during the entire tenure of subscription under the NPS. There is, however, no minimum time gap now stipulated between two partial withdrawals.
This was stated by Shri Ship Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha .

Source:PIBNEWS
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Sunday, 6 November 2016

09:05

Employees Provident Funds Contribution and Service

Employees Provident Funds Contribution and Service

Here's how an employee can keep track of his EPS amount 

An individual switches jobs and usually transfers the Employees' Provident Fund (EPF) balance to the new employer. But what happens to the funds in the Employees' Pension Scheme (EPS) continues to remain a mystery for many. While the PF account number of the new employer shows the transferred EPF balance, what about the EPS money from the previous employer? 

Here are a few pointers on how the EPS works and how one can avail it: 

An employee contributes 12 per cent of his basic salary directly towards EPF. 

*He does not contribute directly towards EPS. 

*Of the employer's share of 12 per cent, 8.33 per cent is diverted towards the EPS, with a cap of Rs 1,250 (earlier Rs 541) a month. 

*When the employee switches jobs, the EPF gets transferred to the new employer, but not the EPS. 

*When the employee switches jobs, the EPS contributions stay with the EPFO. 

**The employee has the option to either withdraw the EPS amount or carry it forward to the next job. This, however, depends on the length of his service and his age. 

Less than 10 years in job 
If an employee has not completed 10 years in service, he can either withdraw the EPS amount, or take the 'scheme certificate'. If he is still working, but hasn't completed 10 years, this, however, is not possible. He can apply only after he has quit his job, i.e., before joining another company. 

The option to withdraw or take the scheme certificate has to be submitted by filling Form 10C, which can downloaded here . Recently, the EPFO introduced 'UAN based Form 10C', which can be downloaded here . 

This form can only be used by an individual who has furnished employee details to the existing employer in 'Form 11-New' ( download here ), furnishing the Aadhaar, bank details, and after getting the Universal Account Number (UAN) activated by providing a cancelled cheque with name, account number and IFS Code. Currently, UAN based Form 10C can only be used for withdrawal and not for taking the scheme certificate. 

If you have worked for less than six months, the EPS contributions cannot be withdrawn as the EPFO rules say that for those who have not yet completed 180 days in the organisation, the withdrawal benefit is not admissible. One can, however, apply for the scheme certificate. 

The employee won't get the entire contribution (Rs 541/Rs 1,250 a month) back after applying through Form 10C. The amount received will be subject to Table D as below. 




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Tuesday, 3 November 2015

21:40

Railways start discontinuing Pantry Cars in long-distance trains

Railways start discontinuing Pantry Cars in long-distance trains

With e-catering being introduced by the Indian Railway Catering and Tourism Corporation (IRCTC), Indian Railways has started withdrawing pantry cars from long-distance trains but this may not go down too well with passengers just yet. Some of the trains from which pantry car services have been withdrawn pass through stations without e-catering services during breakfast, lunch or dinner time. Passengers would either have to carry their food or depend on unscrupulous private caterers for their meals.

Take the instance of the Howrah-Dehradun Upasana Express and the Howrah-Haridwar Kumbha Express. Eastern Railway announced recently that pantry cars on these trains will be discontinued, albeit temporarily, from November. Both trains start from Howrah at 1 pm so lunch is not an issue on the day the journey starts. Passengers can either reach the station after an early lunch or order from Howrah that has e-catering services. Evening snacks can be picked up at Asansol and dinner at Patna as both stations have e-catering facilities.

The trouble would start next afternoon with passengers wanting to order lunch. There are no stations between Lucknow Charbagh and Haridwar or Dehradun that has e-catering facilities. The trains, provided they are running on time, are expected to cross Lucknow Charbagh at 7.30 am. The Upasana Express reaches Dehradun at 6.10 pm while the Kumbha Express reaches Haridwar at 4.05 pm. This means that it would be a struggle for passengers to have lunch unless they prefer cold ones ordered from Lucknow in the morning. “This is a long-time plan of the Indian Railways. The idea is to introduce e-catering at all stations and reduce dependency on private caterers who are in charge of pantry cars. The other reason is to replace the pantry cars with passenger coaches to earn more revenue. However, to make the scheme successful, things will have to be worked out in such a manner that all stations through which important trains pass during meal times have e-catering facilities,” an official said.

Another officer pointed out that it may not be prudent to discontinue pantry cars so soon after introduction of e-catering services. After all, IRCTC has also tied up with private agencies to serve food to passengers at stations as part of the e-catering scheme. There is every possibility of quality of service suffering once the private agencies realize that passengers have no other option. The officer believes that some more time needs to be given for things to work out as per plan.

MPs from Madhya Pradesh demand Better Food in Shatabdi Express

After passengers now parliamentarians have raised red flags over food served on-board Shatabdi Express. MPs asked railway officials to improve food quality in the train.

Bhopal MP Alok Sanjar was vocal about quality of food served in Shatabdi Express. Rajya Sabha MP Anil Madhav Dave also agreed on the Shatabdi food issue and added that basic facilities like drinking water needed to be improved as well.

Sanjar also batted for new trains for Pune, Mumbai, Lucknow, Raipur and Chhapra from Bhopal, increasing frequency of Bhopal-Pratapgarh Express and including Bairagarh station in Bhopal division. Huzur MLA Rameshwar Sharma also submitted memorandum to GM WCR Ramesh Chandra for including the station in Bhopal division.

Dave said that cleanliness of Bhopal station should be made a priority while Rail Neer brand of mineral water should be available in all platforms of WCR.

Hoshangabad MP Uday Pratap Singh suggested opening of base kitchen in Itarsi, MEMU between Bhopal-Itarsi and halt at Itarsi station of Patna-Pune-Patna Express besides better amenities at the station.

Jyoti Dhurve, MP from Betul said drinking water and other passenger amenities should be improved at Khirkiya, Timarni and Harda stations along with a covered shed at Harda. Sagar MP Lakshmi Narayan Yadav asked for Shatabdi Express halt at Bina station.

However, MP’s meeting with railway officials was a no-show as barely 5 out of 15 MPs of Bhopal railway division attended the meeting with West Central Railway (WCR) and division railway officials on Monday at a city hotel.

GM Chandra informed at the meeting that soon financial bid would be invited for redevelopment of Habibganj station while 400 km of Gwalior-Guna-Maksi railway section doubling was under survey.

He said that WCR had registered increase of 11.3% in freight fare earnings, 5.6% in passenger fare earnings and 11% in ticket checking fines compared to last year. Besides, 35 special trains with 945 trips were run in 2014-15 while 2,300 additional coaches were attached to them. An RO water plant of 20,000 litres per hour capacity has also been commissioned at Bhopal station and elevators would soon be available at the station
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Sunday, 12 July 2015

19:36

PF withdrawl may be capped at 75%

Govt may cap premature PF withdrawals at 75%

The government is looking to cap premature provident fund withdrawals at 75 per cent for EPFO subscribers at any given time till the age of 58.

Under the existing provisions, Employees Provident Fund Organisation (EPFO) subscribers can withdraw the entire amount by showing not employed anywhere for two months.

The proposal regarding changes in 'The Employees' Provident Fund Scheme' has been sent to the Labour Ministry for approval.

"We will take a decision in this regard in the next 10-15 days," Labour Secretary Shankar Aggarwal said.

Central Provident Fund Commissioner K K Jalan also said the proposed changes are likely to be notified in the next 10-15 days, as it has got the backing of employee unions.

Asked whether the 75 per cent withdrawal ceiling has been proposed for even circumstances like constructing a house, marriage, children's education, etc, Jalan replied in the affirmative.

The idea behind the proposal, he said, is to ensure that provident fund is used as an old-age security and not misused for purposes other than it was meant to be.

The provident fund money, he said, should be used as an old-age security scheme and not like a savings bank account.

Jalan added the EPFO plans to gradually further cap the withdrawal limit to up to 50 per cent and also put a ceiling on the number of withdrawals by a subscriber.

"Presently, out of the 1.3 crore annual claims, not less than 65 lakh claims are for full withdrawal. If the proposal is implemented by the Centre, the total number of claims would come down to 50 lakh," Jalan said.

Elaborating on the rationale behind the 75 per cent cap proposed, he pointed out that the contribution of an employer including interest, in any case, does not exceed more than 75 per cent of the total contribution.

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Monday, 1 June 2015

16:17

Mosmetrostroy saga: Chennai Metro Rail work resumes after AFCONS steps in

Mosmetrostroy saga: Chennai Metro Rail work resumes after AFCONS steps in

Chennai (MAS): Metro rail authorities have asked AFCONS Infrastructure, which is building tunnels under Poonamallee High Road, to take over the incomplete work on the tunnels under Anna Salai after Mosmetrostroy JV abandoned it recently.

Chennai Corporation had earlier asked Gammon, that had a tie-up with the Russian company, to complete the work abandoned by its JV partner. Officials wanted Gammon to hire tunnel technicians to continue the work. “AFCONS has started doing some emergency work like maintaining equipment and pressure of the boring machines as they have experience in tunnel work. We told them to step in temporarily to complete the work,” said a senior official of metro rail. AFCONS  has expertise in metro tunnels as they started off their metro projects by building tunnels in Kolkata.

He said that discussions were on with AFCONS to find out if they would be able to take over the work fully for Gammon. “They are assessing the quantity of work that will have to be done if they have to take over the abandoned work site and the unfinished line between LIC and Gemini,” he added. The move comes after Gammon said that it does not have the expertise to complete the tunnel work. “We do not want the work to get delayed if Gammon did not act on our instructions. The underground tunnel work is already behind schedule and with Mosmetrostroy abandoning the work will affect the schedules further. The priority is to get the work going rather than trying to pull up the contractors,” said an official.

Meanwhile, Gammon officials are hoping to hear from Mosmetrostroy and are waiting for metro rail to take a call on completing the rest of the tunnels that needs to be built.

“We have not received clear instructions from metro rail about continuing the work. They have to take a call. Metro rail has contacted the Russian consulate. We expect officials of the company to return as they have financial liability to fulfill,” said a official from Gammon.

The withdrawal of Mosmetrostroy has delayed the work. Pace of tunnel boring is unpredictable. It depends on the soil condition and the quality of buildings on the surface. It took five months for metro rail’s contractors to bore 2km of tunnels. At this pace, a break in the work will cause serious delay which is expected to push deadline for commissioning of metro rail line along Anna Salai by more than three years.
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