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Retirement Benefits – Types of Plan
Every one who is an employee should understand the importance of these plans because these plans help you achieve the retirement corpus passively. These plans are classified as follows: Defined Benefit...
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Payment of Gratuity
As we have seen earlier gratuity is a defined benefit plan. Gratuity is the statutory benefit paid to the employees who have rendered a continuous service of at least 5 years. Gratuity is paid to the...
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Taxability of Gratuity
To find out taxability of gratuity we will have to firstly classify employees as Government and Non-government employees. Lets see how is it done.. As we can clearly see that there no taxation for...
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Encashment of Leave Salary
This plan is a defined benefit plan where employers offer paid leave for service rendered by an employee. Employees are offered leave encashment during service or at the time of retirement as per the...
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Retrenchment Compensation
Retrenchment means the termination of service of a workman by the employer, for any reason other than a punishment inflicted by way of disciplinary action. Retrenchment however does not include the...
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Voluntary Retirement Scheme
It is popularly known as VRS. Objective of employers: To achieve optimum human resource utilization Optimize ROI of the company Due to joint ventures and collaborations Due to takeover and merger,...
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Defined Contribution Plans – Employees’ Provident Fund
Under the defined contribution plan contribution of employer and employee is defined. This plan seeks and runs on the contribution as per agreement and makes available the accumulated balance at the...
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Employees’ Pension Scheme
This is a pension scheme for survivors, old aged and disabled persons. This scheme came into effect from 16th Nov. 1995. The earlier family pension scheme has been replaced with this new scheme. This...
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Employees’ Deposit Linked Insurance (Amendment) Scheme 2011
Central Government with the motive of providing additional social security in the form of life insurance to the family of the deceased member of the provident fund, introduced the EDLI scheme in 1976...
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