The Lavasa Committee on Allowances, which was constituted by the government to examine the Central Pay Commission (CPC) recommendations on allowances, had submitted its report to Finance Minister Arun Jaitley yesterday.
EFPO subscribers can seek withdrawal from their employee provident fund (EPF) account on various grounds by using a composite form along with a self-declaration.
The Ashok Lavasa Committee was constituted in June last year after the government implemented the recommendations of the 7th Pay Commission.
This would be applicable to those employees and pensioners who are getting revised pay scale according to the Sixth Pay Commission's recommendations, a state government official said.
SBI savings bank account customers need to maintain a monthly average balance or MAB, which is the average of daily balances in the account during the month.
EPFO subscribes will be able withdraw up to 90% of their accumulations in their provident fund accounts for purchase/construction of houses or purchase of land.
In many organisations, typically, when an employee resigns but does not serve out the notice period according to the employment conditions, the employer deducts part of the salary attributed to this period.
The 7th pay commission had examined a total of 196 existing allowances and recommended abolition of 51 allowances and subsuming of 37 allowances.
The 7th Pay Commission had recommended that house rent allowance or HRA be paid at the rate of 24 per cent, 16 per cent and 8 per cent of the new basic pay, depending on the type of city.
The withdrawal facility from the PF account will be available to only those PF members who fulfil the conditions prescribed.
Paswan said enough awareness on the issue and public demand were required before the government could enact a law on the contentious issue.
SBI will charge a fee ranging from Rs 50 to Rs 100 plus service tax in case of non-compliance with minimum balance requirements.
In the beginning of every fiscal year, employees are asked for details like their investment in ELSS, insurance policies, house rent, home loan, education loan etc. by their employer to arrive at the annual tax liability of an employee.
In case there is a mismatch in TDS figures in Form 16 and Form 26AS, one should approach his/her employer or respective entity.
Even if costs like interest rate, pre-closure charges and loan processing fees remain the same for credit card loan and bank personal loan, interest cost of credit card loan become 15 per cent more because of service tax.
EFPO has rolled out many initiatives through which employees can check their PF balances quickly.
The allowance committee had held a meeting in this regard on April 6 which some employee union officials termed as "conclusive".
Retirement fund body EPFO has also proposed a loyalty-cum-life benefit of up to Rs 50,000 at the time of retirement for contributing to the scheme for 20 years or more.
The Jan Dhan tally, the finance ministry said, has reached Rs 63,971 crore in deposits and 22.14 crore Rupay cards.
The ratification of the 8.65 per cent on EPF will enablethe retirement fund body EPFO (Employees' Provident Fund Organisation) to credit this rate of returninto the accounts of four crore subscribers.