The Employees’ Provident Fund Organization (EPFO) has introduced several updates to simplify processes for members. These changes include an improved joint declaration process, a Centralized Pension Payment System (CPPS), clarifications on pension for higher wages, an easier way to update member profiles, and hassle-free PF transfers. Here’s a breakdown of these updates: Simplified Joint Declaration …
Prime Minister Narendra Modi recently approved the formation of the 8th Pay Commission to revise the salaries of nearly 50 lakh central government employees and allowances of 65 lakh pensioners. Here’s a brief overview of the previous seven Pay Commissions. 1st Pay Commission (May 1946 – May 1947) Chairman: Srinivasa Varadacharia Focused on adjusting the …
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) yojana was launched to bolster the income of the Small and Marginal Farmers (SMFs). Effective on December 01, 2018, the PM-KISAN yojana aims to fuel the financial needs of the SMFs in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm …
Are you looking to increase your savings, start investing, or build wealth in 2025? The key to achieving your financial goals lies in understanding money management, and there’s no better way to do that than by reading books. Whether you’re just starting your financial journey or struggling with certain aspects of managing money, books provide …
As the formation of the 8th Pay Commission is under process, it’s important to reflect on the approach taken by the 7th Pay Commission to determine salary structures. This panel’s method aimed to ensure fairness, keeping in mind the cost of living and the welfare of central government employees. Let’s explore how it worked. How Did the …
On January 16, 2025, Union Minister Ashwini Vaishnaw announced that Prime Minister Narendra Modi approved the establishment of the 8th Central Pay Commission, tasked with reviewing the salary and benefits of central government employees. This development has drawn attention to the ongoing evolution of pay scales in India, especially considering the major changes introduced by …
The Employees’ Provident Fund Organisation (EPFO) has unveiled the provisional payroll data for November 2024, highlighting a notable increase in membership. During the month, EPFO recorded a net addition of 14.63 lakh members, indicating a 9.07% rise against October 2024. This growth indicates not only an expanding job market but also the effectiveness of EPFO’s …
The Employee Provident Fund Organisation (EPFO) is introducing a way for members to remove any incorrectly linked Member IDs from their Universal Account Number (UAN). The UAN is a unique 12-digit number that combines several EPF member IDs, but problems arise when multiple UANs are assigned or incorrect IDs are linked. Why Delink a Member …
The National Pension System (NPS) is a government-sponsored retirement savings scheme in India designed to help individuals build a pension corpus. It offers two types of accounts: Tier I Account: A mandatory account for all NPS subscribers, aimed at long-term savings with restrictions on withdrawal. Tier II Account: An optional account offering more flexibility, akin …
The Public Provident Fund (PPF) is a small savings scheme introduced by the Indian government to encourage long-term savings and provide guaranteed returns. With tax benefits under Section 80C of the Income Tax Act, 1961, it has become a preferred choice for retirement planning and wealth accumulation. In this article, we explore how disciplined investments …
