PF account transfer while switching jobs to be automatic soon if you have Aadhaar - The Employees Provident Funds and Miscellaneous Provisions Act, 1952
Aug 11, 2017- We are trying to ensure transfer of money if one changes jobs, without any application, in three days," chief provident fund commissioner VP Joy has been quoted as saying in the report.
However, he has also said that the account holder has to have a verified Aadhaar ID. In such cases, the account will get transferred to any part of the country automatically.
"This system will be in place very soon," he has said.
The move is aimed at addressing the problem of premature closure of accounts, which usually happens when a subscriber changes jobs.
The PF account has already become a permanent account. The government had introduced the Universal Account Number or UAN in October 2014. UAN is a unique identification number accorded to EPF subscribers. According to the EPFO website, the UAN acts as an umbrella for the multiple member identities allotted to the same member by different establishments.
However, once a subscriber changes jobs, it has been his responsibility to get the account transferred. With the latest move to automate the transfer of account, the EPFO is moving one step ahead in being customer friendly.
Joy has also said the retirement fund body is planning to start a campaign to sensitise the subscribers why the PF must be withdrawn only for "major purposes like housing, education of children, or serious hospitalisation".
Maharashtra Assembly Clears Bill Allowing Shops to Operate 24X7
Mumbai, August 11: The Maharashtra Assembly has cleared a bill allowing shops and malls to operate round the clock on all days of the week. The state government has passed the Shops and Establishment (Regulation of Employment and Conditions of Service) Bill, enabling owners or shops, hotels, theatres and multiplexes in the state to keep their establishments open 24X7, with an easier process to get permissions and licences.
The new rule will not apply to establishments posing security or public interest concerns. These establishments will need police clearance, officials said.
According to the bill, the 24X7 operations are not permitted for bars, pubs, wine shops and discotheques which currently have restricted timings, said officials. Restaurants, especially those in residential areas, will need additional clearances, the Times of India reported.
Currently, shops have to be closed by 10 PM, with a grace period of 15 minutes. Restaurants are to shut by 12:30 AM and 1.30 AM with police permission. Paan and cigarette shops have to pack up by 1 PM and other commercial establishments by 9:30 PM.
Chief Minister Devendra Fadnavis said police restrictions and clearances would still apply on timings. “The same type of establishment and those located in the same area will have the same timings,” he said.
Welcoming the move, Viren Shah, president of the Federation of Retail Traders Welfare Association said, “We have been demanding that shops and malls be allowed to operate 24X7 since people should have the opportunity to shop at night. But it’s not clear which establishments will need additional clearances.”
The government has made it clear that the establishments will have to follow all the existing rules related to labour laws and make adequate security arrangements for women, the Hindustan Times reported. The bill makes it mandatory to comply with the existing labour laws and have increased the leaves for workers employed in these organisations.
The bill will now need clearance of the Legislative Council, after which it will go to the President.
Cabinet approves introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament.
The Amendment will increase the maximum limit of gratuity of employees, in the private sector and in Public Sector Undertakings/Autonomous Organizations under Government who are not covered under CCS (Pension) Rules, at par with Central Government employees.
The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons. The main purpose for enacting this Act is to provide social security to workmen after retirement, whether retirement is a result of the rules of superannuation, or physical disablement or impairment of vital part of the body. Therefore, the Payment of Gratuity Act, 1972 is an important social security legislation to wage earning population in industries, factories and establishments.
The present upper ceiling on gratuity amount under the Act is Rs. 10 Lakh. The provisions for Central Government employees under Central Civil Services (Pension) Rules, 1972 with regard to gratuity are also similar. Before implementation of 7th Central Pay Commission, the ceiling under CCS (Pension) Rules, 1972 was Rs. 10 Lakh. However, with implementation of 7th Central Pay Commission, in case of Government servants, the ceiling now is Rs. 20 Lakhs effective from 1.1.2016.
Therefore, considering the inflation and wage increase even in case of employees engaged in private sector, the Government is of the view that the entitlement of gratuity should be revised for employees who are covered under the Payment of Gratuity Act, 1972. Accordingly, the Government initiated the process for amendment to Payment of Gratuity Act, 1972.
The Employees Provident Funds and Miscellaneous Provisions Act, 1952
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