The amount deposited in PF is a great support for the employees working in the organized sector . Employees withdraw money from their PF account when needed. The Employees Provident Fund Organization (EPFO) provides the facility of withdrawing money for different needs.
Let us tell you that the main objective of the EPF scheme is to financially secure the post-retirement life of workers working in the organized sector through assured retirement fund and pension. However, employees can withdraw money partially or fully from their EPF account even before the scheme matures. However, recently EPFO has changed the withdrawal rule. After this the tax burden has increased. Let us know what is the new rule of EPFO?
– Advertisement –
New EPF Withdrawal Rules 2024
nder normal circumstances, if you continue to do a regular job without any break or gap, you cannot withdraw provident fund before retirement. However, partial withdrawal of funds is allowed under certain circumstances, such as medical emergencies, higher education and buying or constructing a house. If an employee loses his job, he can withdraw 75% of the EPF after one month of unemployment and the entire 100% after two months. But for this, the employee has to declare unemployment.
Also Read: 5 Best Option: Here customers will get up to 9.60% interest on FD; Know…
When will we have to pay 30% tax on withdrawal
For partial or full tax-free withdrawal of PF funds, it is mandatory that the PF subscriber has completed 5 years of contribution under the EPFO scheme. However, if the withdrawal amount is less than Rs 50,000, no tax is payable. If the EPF withdrawal amount exceeds Rs 50,000 within five years of opening the account, the EPF subscriber will have to pay TDS of 10%, provided he has a PAN card. Without a PAN, this tax liability becomes 30%.
Related Articles:-
Public holiday declared on 7-8 September, schools, colleges and bank offices closed
How many people can get the benefit of PM Awas Yojana from one Gram Sabha
ICICI Bank issues new airport lounge access rules for 19 debit cards, will be applicable from October 1, 2024
7th pay commission: Recently, the central government made an important announcement regarding pension for its employees. Under this, the Unified Pension Scheme (UPS) was launched as an alternative to the New Pension Scheme (NPS).
There are many such features in this new pension scheme, which are expected to benefit the employees greatly. One such feature is the contribution from the government.
– Advertisement –
Government’s contribution
Under the Integrated Pension Scheme, the employee’s contribution for pension will be 10% of the basic salary and DA. The government will contribute 18.5%. The government contributes 14% to NPS, which has been increased to 18%. In this new pension scheme, provisions have also been made for family pension, guaranteed minimum pension and lump sum payment after retirement. Please note that the employees will have the option to choose between NPS and UPS only once.
How many employees benefit
Let us tell you that in the new scheme, the employee will get pension equal to 50 percent of the average salary of the last year after 25 years of service. Government employees who joined the service after January 2004 are covered under this scheme. 30 lakh central employees are expected to benefit from this scheme and if the state governments implement UPS, then a total of 90 lakh employees will be able to benefit from it.
Also Read: Old Pension Scheme: Govt has given the policemen the option to opt for the…
How much pension after 10 years of service
The pension will be paid proportionately for a minimum service period of 10 years. The New Pension Scheme also guarantees a minimum pension of Rs 10,000 per month on retirement after a minimum service of 10 years. Employees will be eligible for a lump sum amount in addition to gratuity at the time of retirement.
Related Articles:-
IRDAI issued master circular: Insurance company will have to issue the policy within 15 days, policyholders get many rights
7th Pay Commission: Govt employees da hike issued order to increase by 9%, Salary will increase by this much
EPFO Rule: EPFO has changed the withdrawal rules, 30% tax may have to be paid, know the new rule
GST Council: The meeting of the Goods and Services Tax Council (GST Council) is scheduled to be held on September 9. In this, the proposal to impose 18 percent GST on payment aggregator companies like BillDesk and CCAvenue can be discussed.
If this decision is taken, then they may have to pay GST even on payments of less than Rs 2000 through debit and credit cards. At present, they have been given exemption on small transactions. The GST Fitment Panel believes that these companies cannot be placed in the category of banks.
– Advertisement –
80% of digital payments are worth less than Rs 2,000
A report by CNBC TV18 claims that the GST fitment panel believes that GST should be imposed on payment aggregator companies. This will prove to be a big blow to all payment aggregator companies because currently more than 80 percent of the total digital payment transactions in the country are worth less than Rs 2000. According to a government notification issued during demonetisation in 2016, payment aggregators were barred from levying tax on services provided to merchants on small transactions.
At present, fees ranging from 0.5% to 2% are charged
Payment aggregators currently charge 0.5% to 2% on every transaction from merchants. If GST is implemented, they can pass on the additional cost to merchants. Currently, payment aggregators do not pay GST on transactions less than Rs 2000. They provide payment facilities through many digital payment systems like QR code, POS machine and net banking. If this happens, it will have a bad impact on small businessmen. Most of their payments are less than Rs 2000. If a businessman currently has to pay a fee of Rs 10 along with 1% gateway fee on a payment of Rs 1000, then after GST, he will have to pay Rs 11.80.
Also Read: 7th Pay Commission: Govt employees da hike issued order to increase by 9%, Salary…
GST will be applicable only on payments made through debit and credit cards
Currently, UPI has become the most popular method of digital payment. In the financial year 2024, UPI transactions have increased by 57 percent on an annual basis and have crossed 131 billion. UPI’s share in digital payments has exceeded 80 percent. GST is applicable only on digital transactions done through debit and credit cards. Merchant Discount Rate (MDR) is not applicable on UPI transactions, so there will be no impact on them even after GST is imposed.
Related Articles:-
IRDAI issued master circular: Insurance company will have to issue the policy within 15 days, policyholders get many rights
Old Pension Scheme: Govt has given the policemen the option to opt for the Old Pension Scheme
Govt’s contribution: Now the central government will give 18.5% of your basic salary, check all details
Insurance regulator IRDAI has issued a master circular regarding the rights of insurance policyholders. This circular includes the time limit for claim settlement of both e-insurance policies, health life insurance policies and the rights of policyholders with multiple health insurance policies. The main points of the circular are as follows.
– Advertisement –
All insurance policies in e-format
All insurance policies must be issued in electronic format. e-insurance policies can be digitally signed by the customer. Customers can request the insurance company that they want the policies to be issued in physical format. Keep in mind that if you want the policy documents or brochures in physical format, you must mention it in the proposal form.
Time limit
The insurance company must issue the policy within 15 days of accepting the proposal form. Under the new rules, the insurance company is not allowed to collect the initial premium along with the proposal form.
Documents to be obtained
Along with the insurance policy, the policyholder must obtain the following documents from the insurance company like, covering letter for the policy document mentioning the free look period, policy document, a copy of the proposal form submitted by the prospective customer, copy of the benefit illustration, customer information sheet etc.
Also Read: Public holiday declared on 7-8 September, schools, colleges and bank offices closed
CIS Mandatory
Customer Information Sheet (CIS) is an important document that companies mandatorily provide to their customers along with their insurance policies. It serves as a summary of the key features and benefits of the policy. It ensures that policyholders are well informed about their coverage.
30 Days Free Look Period For a life insurance policy of one year or more, the policyholder will have a free look period of 30 days. If the policyholder is dissatisfied with the terms or conditions of the policy, he has the option to return the policy to the company for cancellation within these 30 days.
Related Articles:-
5 Best Option: Here customers will get up to 9.60% interest on FD; Know the details
Public Holiday: Public holiday announced on 15, 16 and 17 September, know the reason
EPFO Rule: EPFO has changed the withdrawal rules, 30% tax may have to be paid, know the new rule
The Uttar Pradesh government has given the state’s policemen the opportunity to opt for the Old Pension Scheme (OPS).
This facility is being given to those policemen who were selected for service before 28 March 2005. The government has taken this decision keeping in mind the demand of the policemen for the old pension scheme, so that they can get more options in terms of pension.
– Advertisement –
To avail the benefits of this scheme, the policemen will have to submit their information in the prescribed format issued by the DGP headquarters by 31 October 2024. Once the old pension scheme is chosen, this option will be final, which cannot be changed again.
The National Pension Scheme (NPS) account of those policemen who have opted for the old pension scheme will be closed from June 30, 2025. After this, the amount deposited in the NPS account will be transferred to the employee’s General Provident Fund (GPF) account. The government contribution under NPS will be deposited in the state treasury.
If retired policemen also want to avail the benefits of the old pension scheme, then they will have to return the contribution given by the government under NPS along with interest. This step will ensure that only willing retired policemen take advantage of this option.
Also Read: Public Holiday: Public holiday announced on 15, 16 and 17 September, know the reason
The DGP headquarters has issued a format for policemen to opt for the old pension scheme. It is mandatory for all eligible policemen to fill and submit this format by October 31.
This decision is being considered an important step towards securing the future of policemen. Under this, policemen who opt for the old pension scheme will be able to receive pension under the old process after retirement. This will increase security in their post-retirement plans.
What is Old Pension Scheme (OPS)?
Under the Old Pension Scheme, the retired employee gets the right to compulsory pension. This is 50 percent of the basic salary received at the time of retirement. That is, half of the basic pay on which the employee retires after completing his job is given to him as pension. After retirement in the Old Pension Scheme, the employee continues to get the benefit of other allowances including dearness allowance like a working employee, meaning if the government increases any allowance, then the pension will increase accordingly.
Related Articles:-
EPFO Rule: EPFO has changed the withdrawal rules, 30% tax may have to be paid, know the new rule
5 Best Option: Here customers will get up to 9.60% interest on FD; Know the details
Public holiday declared on 7-8 September, schools, colleges and bank offices closed
India’s position set to rise in global supply chains with huge chip investmentsIANS
India is on the brink of a significant transformation, with the potential to become a global hub for semiconductor manufacturing. Industry experts predict a massive investment of up to $30 billion in the sector over the next three to five years. This influx of capital is expected to strengthen India’s position in the global supply chain, marking a significant shift in the country’s industrial landscape.
The Maharashtra government recently approved four major projects, including a semiconductor manufacturing project to be jointly set up by Israel’s Tower Semiconductor and the Adani Group. This project, located in Panvel, Raigad district, is expected to see an investment of Rs 58,763 crore in the first phase and another Rs 25,184 crore in the second phase. The initiative is projected to create at least 15,000 jobs, contributing significantly to the local economy.
Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), believes that India’s strategic investments in the semiconductor industry aim to bolster its domestic manufacturing capabilities and elevate its position within global supply chains. This perspective underscores the country’s commitment to becoming a major player in this strategically vital sector.
India’s push into the semiconductor sector comes at a time when the global supply chain is facing significant disruptions due to the COVID-19 pandemicIANS
During Prime Minister Narendra Modi ‘s recent visit to Singapore, both countries announced a partnership to cooperate in the field of semiconductors. This collaboration aims to leverage the complementary strengths of their semiconductor ecosystems and tap into opportunities to build resilience in their semiconductor supply chains.
The partnership will include government-led policy exchanges on ecosystem development, supply chain resilience, and workforce development. In addition to the Maharashtra project, the Union Cabinet, chaired by PM Modi, has also approved the proposal of Kaynes Semicon Pvt Ltd to set up a semiconductor unit in Sanand, Gujarat, with an investment of Rs 3,300 crore. This unit will produce nearly 60 lakh chips per day, further strengthening India’s semiconductor manufacturing capabilities. The Indian government’s initiatives, such as the Semicon India Programme and the India Semiconductor Mission, are focused on capturing a significant share of the global market, driving innovation, and stimulating economic growth through job creation and technological advancement. These initiatives have played a pivotal role in attracting investments by offering a supportive policy framework, financial incentives, and infrastructure development.
The semiconductor industry is a strategically vital sector, and India’s efforts to become a global hub for semiconductor manufacturing are reminiscent of similar initiatives in other countries. For instance, in the 1980s, Japan made significant investments in semiconductor manufacturing, leading to a boom in the country’s electronics industry.
Similarly, South Korea and Taiwan have also invested heavily in this sector, becoming global leaders in semiconductor production. India’s push into the semiconductor sector comes at a time when the global supply chain is facing significant disruptions due to the COVID-19 pandemic. The country’s strategic investments in this sector aim to reduce its dependence on imports and enhance its self-sufficiency.By doing so, India seeks to establish itself as a key player in the global semiconductor industry, driving innovation, stimulating economic growth, and creating jobs by fostering a robust semiconductor manufacturing ecosystem.
India’s efforts to become a global hub for semiconductor manufacturing represent a significant step towards achieving technological self-reliance. The country’s strategic investments in this sector, coupled with supportive government policies and initiatives, are expected to drive innovation, stimulate economic growth, and create jobs. As India continues to attract significant investments in the semiconductor sector, it is poised to become a major player in the global market, contributing to the resilience of the global supply chain. This development marks a significant shift in India’s industrial landscape, positioning it as a key player in the global semiconductor industry.
7th Pay Commission Latest News Good news has come out for the government employees who have been waiting for dearness allowance for a long time. The state government has filled the coffers of its employees.
The government has increased the dearness allowance of all government employees. Due to which all the employees have got lifelong happiness. Actually, a cabinet meeting was held on 29 August. Many proposals were discussed in this meeting. Apart from this, the state government has also approved a 9 percent increase in the dearness allowance of government employees. After which the government employees have got a big gift before the festivals.
– Advertisement –
Jharkhand government employees are in trouble
7th Pay Commission Latest News Let us tell you that under the sixth central pay scale, government employees in Jharkhand used to get 230% dearness allowance. After which now the government has decided to increase it by 9 percent to 239%. Apart from this, it was also decided to give respect to the families of the martyred Agniveers of Jharkhand like the Jharkhand Police.
Also Read: EPFO Rule: EPFO has changed the withdrawal rules, 30% tax may have to be paid, know the new rule
Hemant Soren said, “The Government of India has brought the Agniveer Yojana. What happened in the country in protest against this is not hidden from anyone. Today his government has decided that the families of the martyred Agniveers of Jharkhand will get respect like the Jharkhand Police.”
Let us tell you that 44 proposals were approved in the cabinet meeting chaired by Chief Minister Hemant Soren on Thursday. It was decided in the meeting that the rates of dearness allowance will be increased from January 1, 2024, under the Sixth Central Pay Commission for state government personnel. The new rates have been increased from 230 percent to 239 percent. Employees will soon get the benefit of these new rates along with arrears.
Related Articles:-
Public Holiday: Public holiday announced on 15, 16 and 17 September, know the reason
5 Best Option: Here customers will get up to 9.60% interest on FD; Know the details
Public holiday declared on 7-8 September, schools, colleges and bank offices closed
New York, NY, September 07, 2024 — Sorevna, the leading USA-based organic and cruelty-free cosmetic manufacturer, today announced the launch of its groundbreaking Natural Hand Therapy Cream. This innovative product is specifically designed to restore and maintain the delicate microbiome of hand skin, addressing the unique challenges faced by this often-neglected area of the body.
Hands are constantly exposed to harsh environmental factors, including frequent washing, sanitizing, and temperature changes. Recognizing this, Sorevna has developed a formula that goes beyond traditional moisturizing to actively replenish and protect the skin’s natural flora.
“Our hands deserve special attention,” said Dr. James Wright, CEO of Sorevna. “With our Natural Hand Therapy Cream, we’re not just moisturizing; we’re restoring the very essence of healthy skin.”
Key features of Sorevna’s Natural Hand Therapy Cream include:
Probiotic Power: Enriched with lactobacillus ferment lysate, a probiotic ingredient that replenishes the byproducts of beneficial skin flora. Vegetable-Infused Protection: One of the only hand creams on the market to harness the antioxidant power of broccoli seed oil. Microbiome Restoration: Specially formulated to counteract the disruptive effects of surfactants, hand sanitizers, and environmental stressors. Natural Moisture Barrier: Helps restore and maintain the skin’s natural protective barrier.
Sorevna’s commitment to organic, cruelty-free products ensures that users can nurture their skin without compromising on ethics or quality. The Natural Hand Therapy Cream is a testament to the company’s dedication to innovative, nature-inspired skincare solutions.
Fort Lauderdale, FL, September 07, 2024 –Sentry Document Assurance, LLC, a start-up focused on document search and compliance, announces the launch of its Version 1.1 (MVP). Sentry’s patent-pending, fingerprint-driven search engine delivers accuracy, scalability, and security for managing documents and data across complex organizational and statutory needs.
Sentry’s digital fingerprinting technology identifies and verifies documents without storing the original content, ensuring data privacy while maintaining search accuracy – a level unattainable by traditional AI-driven systems. This platform’s powerful architecture allows it to efficiently handle tens of millions of documents, providing organizations with a reliable and scalable solution for document management and compliance.
“With our patent-pending fingerprint-driven assurance platform, we are reimagining document assurance. The precision of our digital fingerprinting ensures that organizations can trust the integrity of their documents at every level,” said Damien Georges, CEO of Sentry Document Assurance. “This product solves the real-world challenge that customers are struggling to solve around data quality and AI models.”
Key Features:
Automated Document Classification: Instant and accurate document categorization. Real-Time Monitoring & Revalidation: Continuous monitoring to ensure documents remain associated with trusted document types. Virus Scanning and Security: Integrated security features for peace of mind. Seamless Integration: Easily works with existing systems, optimizing workflows without disruption.
Sentry’s platform is purpose-built for industries where document accuracy, regulatory compliance, and security are paramount, including finance, healthcare, legal, real estate, energy, and government sectors. Its ability to process large datasets in real-time, combined with the development of intelligent AI-driven revalidation systems (Version 1.3), ensures that organizations can maintain compliance with minimal human intervention.
“With this system, we have redefined how organizations can handle their data. By combining speed and precision in a way that traditional systems simply can’t match, we are giving businesses a way to stay ahead of compliance demands without sacrificing performance,” said Christophe Person, Chief Technology Officer at Sentry.
Incorporating high-dimensional search algorithms, Sentry’s system is designed to handle the complexity of today’s document-heavy industries, efficiently managing documents with cultural and contextual sensitivity – ensuring results are as relevant as they are accurate.
With many credit and debit cards, you can use the airport lounge for free during air travel. In the airport lounge, travelers get many facilities ranging from rest to food and drink.
If you use ICICI Bank debit card to avail this facility, then there is important news for you. Actually, this private bank has changed the rules of airport lounge access for some of its debit cards. These new rules will come into effect from October 1, 2024.
– Advertisement –
What are the new rules for airport lounge access?
According to ICICI Bank website, “From 01 October 2024, you can avail two complimentary airport lounge access by spending Rs 10,000 in the previous calendar quarter. Spending in the previous calendar quarter will unlock access for the next calendar quarter. You need to spend at least Rs 10,000 in the July-August-September 2024 quarter to be eligible for complimentary lounge access in the October-November-December 2024 quarter, and so on for subsequent quarters.”
Also Read: IRDAI issued master circular, know what are your rights as a policyholder
New rules will be applicable on these debit cards
These updated rules for availing complimentary domestic airport lounge access will be applicable for the below mentioned cards
ICICI Bank Coral PayWave Debit Card
ICICI Bank Expression Business Mastercard Debit Card
ICICI Bank RuPay Coral Debit Card
ICICI Bank Expression Mastercard Debit Card
ICICI Bank Coral Business Mastercard
ICICI Bank Expression PayWave Debit Card
ICICI Bank Coral Business Debit Card
ICICI Bank Expression Business Debit Card
ICICI Bank Coral MasterCard
ICICI Bank PayWave Expression Debit Card
ICICI Bank Coral PayWave Business Debit Card
ICICI Bank Expression Coral Business Mastercard Debit Card
ICICI Bank Coral Chip Debit Card
ICICI Bank Expression Coral Mastercard Debit Card
ICICI Bank Rubix Debit Card
ICICI Bank Expression Business Coral Debit Card
ICICI Bank Rupay Rubix Debit Card
ICICI Bank Expression Coral Debit Card
ICICI Bank Rubix Mastercard Debit Card
How to avail complimentary airport lounges in India?
According to ICICI Bank’s website, “Eligible cardholders will be required to present their valid, un-expired card and valid air ticket or boarding pass at the lounge entrance on the same day or the next day to gain entry. An authorisation fee of Rs 2 will be charged for each eligible card presented at the lounge entrance. Please note that free access is generally restricted to the cardholder and any accompanying guests may be charged. This program is provided by a third party and is governed by the terms and conditions of such third party.”
Related Articles:-
Good news for EPFO members, they will not have to visit banks for this work
Bank New FD Rate: Senior citizen customers will get up to 7.75% interest on 1 year investment, Know the details
New Vande bharat will run from Dumka to Ranchi, know route and time
