In India, the Provident Fund (PF) is a mandatory retirement savings scheme governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. This scheme ensures that employees have a secure financial future upon retirement. The PF scheme applies to establishments with 20 or more employees. Employees earning up to ₹15,000 per month are mandatorily covered, while those earning above this threshold can opt in voluntarily. Key Points: Employer and Employee Contributions:Both the employer and the employee contribute 12% of the employee’s basic salary plus dearness allowance. The employer’s contribution is split into 8.33% for the Employees’ Pension Scheme (EPS)…

Insights on Work wishes its readers on the occasion of the 154th Gandhi Jayanti celebrated today, 2nd October 2023, the birthday of Mahatma Gandhi. Let’s learn about Gandhi’s views on labor. Mahatma Gandhi, one of the most iconic figures in modern history, was not only a champion of India’s independence but also a profound thinker in economics and labor relations. His economic ideals were deeply rooted in his broader political, sociological, and philosophical beliefs, all of which aimed at the moral development of human beings and the establishment of economic justice and equality. In this essay, we will explore Gandhi’s…

As March comes, it marks the end of the financial year for many countries like the UK, India, and Japan. For businesses, this is the time to review and close their business accounts. For employees, it is about completing their performance appraisals and gearing up for increments and promotions. Sathish is a software developer working in an Indian IT multinational corporation (MNC) in Hyderabad. This is his second appraisal cycle after graduating from college, and he is eager to receive feedback on his performance and set goals for the future. However, he is busy with project deliverables and works late…