Take Home Salary hit as PF Diverted to the Market and the Act should be passed in the Monsoon Session of Parliament!
Take Home Salary hit as PF Diverted to the Market and the Act should be passed in the Monsoon Session of Parliament!
Take Home Salary hit as PF Diverted to the Market and the Act should be passed in the Monsoon Session of Parliament!
Moreover, the ministry has also proposed that PF deduction must increase to 12% from the current limit of 10%.
Labour reforms passed, to be passed which have not been already passed and now your savings have no future.
No political party, No Trade union to save you when you retire and need money for your survival or you have an emergency to address as you would ever get the money you saved for future or emergency.
Hectic world-wide Honeymoon heralds the Achhe Din for Malaidaar Organised and hand to mouth Non Organised sector employees as you would never get the hard earned lifelong savings, your PF when you need it most just because the RSS hegemony of fascism diverts it to the share market, most volatile. Moreover, total salary is put on stake as PF to be deducted for all your allowances at the rate of Twelve percent.
Celebrate! As killing cows is banned and a bhavya dunia kaa sabse bada Mandir is to be erected in Bihar, the old Magadha. If not Ram Mandir. It is Hindu Rashtra with cent percent Hindutva!
All Bajrangees should distribute laddoos to the so much so happy employees who never dared to raise their voice while their own friends lost their job and their PSU Divested.
Take Home Salary hit as PF Diverted to the Market and the Act should be passed in the Monsoon Session of Parliament. Labour reforms passed, to be passed which have not been already passed and now your savings have no future. No political party, No Trade union to save you when you retire and need money for your survival or you have an emergency to address as you would ever get the money you saved for future or emergency.
Moreover, the ministry has also proposed that PF deduction must increase to 12% from the current limit of 10%.
The paper reported that the amendments are already cleared by the EPFO's Central Board of Trustees and the Union Cabinet is expected to ponder over these in the Monsoon Session of the Parliament next month.
Thus, your salary is going to drastically reduce if the amendments proposed by the labour ministry are accepted by the Indian Parliament. No reform faced any road block in the Parliament while minority governments ruled India for two full decades and India is ruled by RSS or RSS linked Millionaire Billionaire corporate funded politics and corporates have to take away your salary to boost their capital. Hence, friend never hopes against hope.
Business friendly RSS Government has all set to divert PF to Market in the best interest of Desi Videshi Companies and it has also managed to boost the booty as the labour ministry has proposed that contribution by companies towards their workers' EPF schemes would be a portion of "contributory wages" which will not include house rent and travel allowances. The result is simply disastrous as your take-home salary is set to see a sharp cut with a labour ministry proposal to include house rent, gratuity, traveling and other allowances as part of the “contributing wages” on which provident fund would be deducted. You never know what amount you would get back as the money saved as PF deduction is subjected to the ever volatile share market.
According to a report in The Indian Express, labour ministry has said that house rent, gratuity, traveling and other allowances to be taken as part of "contributing wages". Provident fund is deducted on these contributing wages.
In the current structure, PF is deducted on basic wages.
What this effectively means is that contributing wages, as part of your salary, will increase if the amendments to the PF act are passed and as a result of which, the PF deduction on your salary will rise.
The concept of "contributory wages" for the purpose of PF deductions has been included in the employee’s provident funds and miscellaneous provisions (amendment) bill, 2015, which will soon be placed before the cabinet for approval.
The proposal is part of the final amendments of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, that has also sought to increase PF deductions to 12 per cent of the contributing wages from the current rate of 10 per cent.
Excalibur Stevens Biswas
