The Employees’ State Insurance (ESI) scheme was launched by the Government of India with the primary objective of providing cover to employees from health-related contingencies such as permanent or temporary disablement, sickness, death due to injury caused during employment or occupational disease that adversely affects the earning capacity of the worker. Through this scheme, an…
Professional Tax is a direct tax levied by the state government on individuals who earn a living through employment or as professionals like doctors, lawyers, chartered accountants, any business, freelancers, HUF, and other professionals. The Professional Tax rates and the methods of tax collection differ from state to state and some states do not impose…
The Human Resources department assists companies to hire and retain talent, empower them with new skills, and receive consistent payments commensurate to the job. Each role in the HR department might have different roles and responsibilities. In the HR hierarchy, if an HR professional performed a variety of duties, then he may be called a…
Salary is the fixed amount of money paid to an employee by the employer in return for services rendered by the employee. The employer and or his/her HR teams have to put in their minds and arrive at the salary to be paid to each employee. They need to have a clear grasp of the…
The closing of the financial year and the opening of the new financial year are significant timelines for the growth of an organization. The financial year ending is a great opportunity to look within and to analyse and assess the performance of the business, a time to take stock and make your plans for the…
The Employees Provident Fund Organization (EPFO) launched the Employees Pension Scheme (EPS) in the year 1995. Through this scheme EPFO members are entitled to a pension after retirement. The employee’s contribution of 12% of salary was fully utilised towards EPF, whereas from the employer’s contribution 8.33% goes to EPS and 3.67% to the EPF. Initially,…
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