INDIAN MARKET UPDATE

Apple is planning to announce three new iPhones, iPad upgrades and its largest laptop in years at a September event, sources told Bloomberg. The items, including “Pro” iPhones that could rival traditional cameras, are expected to go on sale next month, with the hopes they will give the tech giant a big boost in holiday revenue following a big miss in late 2018. The iPad Pro is also getting a better camera, and new versions of the Apple Watch are coming. 

India’s largest car maker Maruti Suzuki has let go of 3,000 contract employees due to a continued slowdown in demand and rising inventory, Reuters reports. Chairman RC Bhargava said that abiding by safety norms and higher taxes “added substantially” to the cost of the cars, making them unaffordable. Passengers sales plunged 31% -- the most in two decades, marking the 12th straight month of decreasing volume. As many as 230,000 jobs have been lost in this sector and a million more are said to be on the line. Join the conversation.

 

Beware of what you eat: Food adulteration is on the rise. 26.4% of all tested food samples in 2018-19 were found adulterated as compared to 23.4% in 2016-17, health ministry data shows. Uttar Pradesh fared the worst with 45% contaminated samples, followed by Jharkhand (40%) and Tamil Nadu (37%). A recent 12-country survey suggests that India has the unhealthiest packaged food. The situation is compounded by the paucity of manpower and machinery in government testing facilities. But things could improve as the food regulator is adopting public-private partnerships for food testing.

India’s packaged foods are the world’s unhealthiest, shows a 12-country study by Australia’s George Institute for Global Health. Packaged eats here aren’t only the most energy-dense (1,515 kJ/100 gm) thanks to high levels of sugar and saturated fat, but they also contain excess salt. As a result, India got the lowest average Health Star rating of 2.27, compared with 2.43 for China, 2.82 for the US and 2.83 for the UK (the highest). Another study by a Seattle-based health institute shows that junk food is a bigger killer than smoking.

  

 

Amazon India is set to hire more military veterans and their spouses. The e-trailer has partnered with the Director General of Resettlement and the Army Welfare Placement Organization to create work opportunities in its fulfillment, sortation and delivery centers. Amazon will train veterans in cloud computing and hire them as managers, senior managers, directors and for other lead roles. MNCs seem to be ahead of the curve in recruiting former military personnel: Goldman Sachs, Wells Fargo and UBS too have institutionalized programmers for them.

 

The Reserve Bank of India is transferring a record ₹1.23 lakh crore as dividend to the government this year. That’s almost double the previous high of ₹65,896 crore (transferred in 2015) and 2.5x the ₹50,000 crore paid out last year. In addition, the RBI will transfer ₹53,000 crore of surplus reserves, as decided by the Bimal Jalan committee. Experts say the ₹1.76 lakh crore payout will allow the Centre to fund its economic revival plans. 

Basic about Payment of Gratuity Act, 1972

Payment of Gratuity Act, 1972

  1.   This Act may be called the Payment of Gratuity Act, 1972.

  2.   It extends to the whole of India

  3.   Formula for Gratuity Calculation:

(Last Withdrawal Salary) X (Year of Service) X (15 / 26)

  4.   Gratuity new limit :- 20 Lack  

  5.   Gratuity Eligibility – 5 Year of Services

  6.   Rule :- Gratuity is Mandatory

A] Gratuity percentage is not a part of CTC; it is part of Basic Salary.

B] Gratuity is 4.81% of Basic Salary.

C] Gratuity I mandatory in India for companies having ten or more employees in the twelve preceding month.

D] Following reasons will not disadvantage the employee and he will still be deemed to be in uninterrupted service description due to sickness, accident, allowed leave, lay off, strikes, lock out etc.

E] In case the employee is unable to complete the 5 year of service due to death or disablement, he will awarded gratuity as if he has originally completed five year of service, He will deemed to have completed five year if services for the purposed of thee act. But the amount of gratuity will be on the actual number of year completed and not on five years.

F] According to the payment of Gratuity Act, the employee should have at least 190 days of 365 days in case he working below the ground

G] 240 days out 365 days if he working above the ground.

Campus To Corporate

Campus to Corporate

Campus to Corporate the title itself speaks many phases of life and about time, every individual has experience this turn from campus to corporate. Many of us currently working with the different organization at different position and may of has took the baby steps into the corporate world and many of you are going to start the new adventures journey to this corporate world.

“After college life same I have also started my journey to this corporate world and goes through many phases of it, and believe me it’s amazing to experience this entire occurrence. Through this article many of us going to relate our amazing time when we have put of first step into the corporate world and also this is going to help all my dear fresher’s and those who have newly started working into the corporate world.”

When we move from Campus to corporate many things goes into our mind, we have nervousness, we feel Anxiety thinking of future, having fear somewhere in corner of heart, will things work all right as I think to be, what if it don’t and many more such things. So let’s go through this Journey…..!!

All of us looking forward to our first job in our life. We all are excited to complete to our basic education and want to start the new journey into the corporate world, where we can fulfill our dream and achieve our goals in life. For this we all have made some plan and we have prepared our self to figure out every threat and weakness to covert it into opportunity and strength. There are some changes that that we have to face as to leave from campus to corporate.

·         Stand Alone: - Corporate is totally different form campus no one going to pamper you. You have to stand alone and keep yourself motivated, Always remember all the day will not be the same, never expect any things from other make your own path and try to do self-help. Some time you may wonder why you get paid less as compare to someone else. Always remember as a fresher focus on learning not on earning.

·         Stability in working: - This one of the main thing that every fresher has to understand, you should have a stability in your work. The big question arises here that how stability will come? For stability you have to invest your time, here investing means learning the new skills and working with your organization for long time.

“As a fresher, as we work for the 4 to 6 month in organization we think that’s it now I must go for the next opportunity where I will get the high pay and excellent working culture” But friends always remember no one will going to give you core work in just 4 to 6 month to perform.  So stuck to your organization and try to learn the ground level things that will strengthen your base.

·         Forget your pedigree: - You have to forget your pedigree at the compound wall of corporate, because it will not make any impact in corporate. Here only thing that make different is your performance and the values that you bring to your table.

·         Unlearn, learn and relearn :- Corporate sphere change very fast you have match your steps with it, so here you have learn which you have unlearn and again relearn as you come across the same task.

·         Consistency:- consistency is the key that brings the difference into your performance, Never get bore of doing the same thing try to find out new things into it that’s makes your work more easier. 

·         Ambition: - Dream big and some day you will be able to relies that you are getting closer to it. This will not happens in the time frame it will take time, as time passes on you will get closer to it.

·         Moral: - Never take the short cut to full fill your dream. Just remember always listen to that inner voice to your conscience and will never do the wrong because there is no shortcut to success. You have to learn everything and have to find solution to your every problem.

·         Commitment: - You may get away from submitting your assignment and project after the deadline date in campus. In corporate you commitment is highly valuable and it is one of the key to success.

·         Punctuality: - Self Discipline is expected in corporate life. Nobody will remind you to be on time. You set your standard to be on time. Your reputation is determined buy your punctuality. It is good to remember that your discipline is display when nobody is watching you.

·         Mobility: - In today's globalized business environment. One needs to be truly globally mobile to be successful.

·         Team Work: - unlike the college days where one work individually show excellent, in corporate Team work is key to success, one should learn to work in team and collaborate and cooperates to each other in team.

Emotion and Feeling which we Experience while entering in to corporate.

a)   Fear: - Fear of not being will confront us. Our welling ness to unlearn, lean and relearn and ability of humbleness and staying ground will help us to gets over our fear

b)   Happy and excited: - The enthusiasm and joy has to sustain. We may always not get what we want but by hard work and dedication we can lay our own career in the organization.

c)   Unhappiness: - Many time things will not work as expected, sometime will not get the location of your choice. But of capability to adapt the things and make better use of every opportunity will help to overcome of it.

d)   Anxiety: - As entered into the new and unknown place. How to ask and whom to ask is the constant question in our mind. Simply ask the question and be innocent this will help you to find the way out of it.

e)   Threatening: - As you will see the highly architecture organization you will find where you have loss. Always remember all of us has joint someday as a fresher and today it’s your turn. Nothing to worry as passes you will come to know everything.

f)    Nervousness :- The fear of the unknown and realization, this time will run out fast and you will realize that learning is the life long journey and always remember that everyone in organization ready to help you.

g)   Curiosity: - You are not sure when to speak and when to listen. You are curious when to ask question and whom to ask. Don’t worry about it, get free and ask your question, as long as you are authentic, you need not worry about anything or anybody in organization.

Something that bring spark in working:-

1.    First salary

2.   Own office desk

3.   Colleague/ friends 

4.   Independence: - As stand on our own feet we become self-                                         reliant.

Moving from Campus to corporate is like starting the new journey through which you can full fill your dreams and able to contribute something to this world, society and your Organization.

Wish you all the best

Thank you…..!!!

Ravi Prajapati

Basic EPF Form's

EPF Form

There are many benefits provided through the EPF it may be in term of money, security and many. If member member want to communicate they can communicate to EPFO through the various forms for calming their money which is contributed in their PF and Pension account. Through this article we will understand the basic form which is used on regular basis.

EPF Form 10D

EPF Form 10D has to be filled by a member for availing pension benefits. The member becomes eligible for a pension after completing 10 years of service in the formal sector. This form is filled by the pensioner at the time of retirement.

EPF Form 10C

EPF Form 10C is used for the withdrawal of pension corpus accumulated in the member’s EPS account. You can fill this form online through EPF member portal as well as offline. It is worth noting here that the pension amount can be withdrawn only till the service period is less than 10 years. This form is also used for getting the EPS Scheme Certificate (which is used for transferring your EPS balance from one employer to another).

EPF Form 2

Form 2 is filled by a member for declaration and nomination for the EPF and EPS accounts. This form can be filled any number of times and mandatorily after the marriage of the employee. It can be filled both online (through the EPF Member Portal) and offline.

Form 31

Salaried employees contribute towards Employees’ Provident Fund (EPF) to build a corpus for retirement. However, this corpus can also be utilized to meet various requirements during the employment period. A member can apply for partial withdrawal by submitting EPF Form 31 – Application for Advance from the Fund.

EPF Form 19

EPFO members can claim for Final Settlement of old EPF accounts by filling Form 19. The form can be filled both online, (through the EPF Member Portal) as well as, offline. The member also gets the option to choose the remittance (mode of payment by cheque, ECS, etc.) method in this form.

EPF Form 20

EPF Form 20 is filled by nominees/heirs of a deceased member for the final settlement of the EPF account. In case the nominee is a minor/lunatic, the guardian has to fill the form on his behalf. The money can be remitted in the bank account of the beneficiary directly or through money order.

Note :-

You can Download all this form through clicking on Following link.
https://www.paisabazaar.com/saving-schemes/epf-forms/

Thank you...!!

What are Zones-I, II & III in Maharashtra under The Minimum Wages Act, 1948

Zones in Maharashtra under The Minimum Wages Act, 1948

Many of us are confused and question arise relating to what meant by Zones in Maharashtra under The Minimum Wages Act, 1948 for deciding wages for different categories of workers.

Therefore, as per The Maharashtra Minimum Wages Act, 1948, Zones in Maharashtra are as follows:

Before Talking about Zones lets understand the different Group that are included in Zones which will make more easy to understand this different zones.  

Five Groups:

Maharashtra state has been classified into groups A, B, C, D and D+ according to industrial development.

Group A: Includes developed areas, viz. Mumbai Metropolitan Region  and Pune Metropolitan Region.

Group B: Includes areas where some development has taken place.

Group C: Includes areas, which are less developed than those at Group B.

Group D: Includes the lesser-developed areas of the State not covered under Group A, Group B, Group C.

Group D+: Includes those least developed areas not covered under Group A, Group B, Group C, Group D.

Zone I: Comprise all areas falling within the limits of all ‘A’ and ‘B’ class Municipal Corporations.

Zone II: Comprise all areas falling within the limits of all ‘C’ and ‘D’ class Municipal Corporation and ‘A’ class of Municipal Councils and Cantonment areas.

Zone III: Comprise all other areas in the state, which are not included in Zone I and Zone II.

Hope this small information is useful for you to understand the Zone in Maharashtra for Minimum Wages.

BONUS ACT 1965

BONUS Act 1965

Bonus Act, 1965 aims is to regulate the amount of bonus paid to the persons employed in certain establishments based on their profits and productivity. This act is applicable to the whole of India for all establishment containing twenty or more persons employed on any day during the year. 

1.   Bonus is Paid on Basic salary

2.   Higher limit celling for Bonus is 21000 i.e. your basic should be less than 21000

3.   Paid percentage is from 8.33% to 20%

Who is Bonus applicable to.

1.   The company is at least 5 year Old

2.   They has at least 20 Employees

3.   The company has made a profit in that year

4.   The employees’ wages are not more than 21000 every month

5.   Employee who has work under establishment not less than 30 Days.

Disqualification for Bonus.

1.   An employee shall be disqualified from receiving Bonus under this Act, if he is dismissed from service for fraud.

2.   violent behavior while on the premises of the establishment

3.   Theft, misappropriation or sabotage of any property of the establishment

How do you make Payment.

•  Payment of Bonus for financial year has to be made within 8 month of its completion

• Since the financial year in India end in March payment have to made by the end of October.

Case study on employees provident fund act 1952

Case study on employees provident fund act 1952

M/S Gowri Shankar Theatre v/s The Assistant Provident Fund

Provisions of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, as in force for the time being, shall apply to every cinema theater in which five or more workers are employed on any day, as if such cinema theater were an establishment to which the aforesaid Act had been applied by a notification of the Central Government under the proviso to sub-section (3) of Section 1 thereof, and as if each such worker were an employee within the meaning of that Act.

On the facts of the case, it is not in dispute that at the time when the writ petitioner has been making contribution under the Employees Provident Fund and Miscellaneous Provisions Act, 1952, the number of employees was more than 5. 

The grievance of the appellant is that the theater was closed for some time and thereafter, it was reopened with four new employees and therefore, there is reconstitution and in such view of the matter the question of applicability of Section 24 does not arise. A reference to the pleadings made in the affidavit filed in support of the writ petition it is stated that due to financial disability the theater was closed and thereafter it was re-opened and at the time of reopening, there were only four employees. 

It is not the case of the writ petitioner in the affidavit filed in support of the writ petition as if the establishment was closed and thereafter it was reconstituted with new four employees, even though that is the submission made by the learned counsel now before this Court. In any event, whether there was a closure of the theater and reopening of the same with the new employees is an immaterial fact. What is required is that the theater which is run by the writ petitioner which has in fact made contribution under the Employees Provident Funds and Miscellaneous Provisions Act, 1952(19 of 1952)in respect of its workers as per Section 24 of the Cine Workers and Cinema Theater Workers (Regulation of Employment) Act, 1981(50 of 1981). Under Section 1(3)(b) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 which is as extracted here under, "(b)to any other establishment employing [twenty] or more persons or class of such establishments which the Central Government may, by notification in the Official Gazette, specify in this behalf:

Provided that the Central Government may, after giving not less than two months' notice or its intention so to do, by notification in the Official Gazette, apply the provisions of this Act to any establishment employing the number of persons less than [twenty] as may specified in the notification.

Enables the Central Government by notification in the Official Gazette to extend the applicability of the Employees Provident Fund and Miscellaneous Provisions Act, 1952, to any other establishment wherein the number of employees are less than 20. The provision is made in order to bring within the purview of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 even the establishments wherein less than 20 numbers are employed as workers. The Cine Workers and Cinema Theater Workers (Regulation of Employment) Act, 1981 (50 of 1981) in respect of the Cinema Workers makes it clear that in respect of the Cinema Theaters, the Employees  Provident Fund and Miscellaneous Provisions Act 1952 is applicable in cases where number of employees are 5 or more and therefore, the enactment should be taken as a notification as per the provisions of Section 1(3) (b) to the Employees Provident Fund and Miscellaneous Provisions Act, 1952. As per Section 1(5) of the Employee Provident Fund and Miscellaneous Provisions Act, 1952 which is extracted here under "(5)An establishment to which this Act applies shall continue to be governed by this Act notwithstanding that the number of persons employed therein at any time falls below twenty"

Judgment

Once an establishment is covered under the Employees  Provident Fund and Miscellaneous Provisions Act, 1952, merely because the number of employees has come down, that will not take away the applicability of that Act. The contention of the learned counsel for the appellant that Section 1(5) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 speaks only 20, but as far as the appellants case is concerned, the number of employees which was 5, came down to 4 and therefore Section 1 (5) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 cannot apply, has no meaning. When once the applicability of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 has been extended to Cine Workers as per Section 24 of the Cine Workers and Cinema Theatre Workers (Regulation and Employment) Act 1981, necessarily all provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 are to be applied by harmonious construction of Section 1(5) of the Act in respect of Cine Theater. Therefore, it should be taken as 5 instead of 20 since under the Cine Workers and Cinema Theatre Workers (Regulation and Employment) Act 1981, the minimum requirement is 5. In this view of the matter, there is no difficulty to come to the conclusion that Section 1(5) of the Employees Provident Fund and Miscellaneous Provisions Act, 1952 is applicable to the appellant establishment.