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Dear Friends,

Rates for Provident Fund for 2012-13 Declared ---- 25th February, 2013

Over five crore PF subscribers would get 8.5 percent interest for their deposits for 2012-13 higher than 8.25 percent disbursed in the previous financial year.

After a board meeting of EPFO's apex decision making body the Central Board of Trustees (CBT), Labour Minister Mallikarjun Kharge told reporters: "The board discussed the rate of interest for 2012-13. After detailed discussion, the board decided to recommend a rate of interest of 8.5 p ercent for the year."

The minister said that the decision to pay 8.5 percent interest rate was taken unanimously by the board, which also has representation from trade unions and employers.

The trustees also decided that EPFO will give a permanent account number to all members so that it is not changed with change in job or location. The EPFO is ready with an action plan to set up a central database for the purpose.

It’s a Good news for all the PF subscribers.

Rajan Nijhawan

ILBCO INDIA

1562, Church Road,

Kashmere Gate,

Delhi – 110006 (INDIA)

Ph: 011-23869939; 23860348

M : 9540551212; 9310551212



If you want to regularly update yourself with the Latest on Labour Laws subscribe to ILBCO’s Updates on Labour Laws. Here we are also giving you the Latest CaseLaw from Labour & Industrial Law Reporter (LILR) January, 2013 and also the details for ILBCO’s Updates on Labour Laws … a subscription for every HR Professional --- subscribe today to stay ahead.


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Dear Friends, Rates for Provident Fund for 2012-13 Declared on 25th February, 2013

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MINIMUM WAGES REVISED IN DELHI
With the new rates coming into effect from April 1, 2013 minimum wages of unskilled worker per month have been increased from Rs. 7,254 to Rs. 7,722. In respect of semi-skilled worker, the hiked monthly minimum wage has been fixed at Rs. 8,528 against Rs. 8,008 earlier. A skilled worker in the capital now will get a minimum wage of Rs. 9,386 which was earlier Rs. 8,814.
For clerical and non-technical supervisory staff in all scheduled employments, the minimum wages have been fixed at Rs. 8,528 instead of earlier Rs. 8,008 for non-matriculates. For matriculates but not graduates, the new wages would be Rs. 9,386 instead of Rs. 8,814 earlier. In respect of graduates and above, the new monthly minimum wages has been fixed at Rs. 10,218 instead of Rs. 9,594 earlier.

Dear All, Minimum Wages rates revised with effect from April 1, 2013 for unskilled semi Skilled & skilled worker in Uttar Pradesh Regards M.S. RAWAT

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