TPC & TPMCPL_Govt. and Company Updates and Blogs

FREQUENTLY ASKED QUESTIONS: Q. 1:  What is revised rate of EPF contribution announced by the Central Govt. under Atmanirbhar Bharat package? Ans:  Under this package the statutory rate of EPF contribution of both employer and employee has been reduced to 10 percent of basic wages and dearness allowances from existing rate of 12 percent for all class of establishments covered under the EPF & MP Act, 1952. Q. 2:  What is the objective of reduction in rate of contributions? Ans:  Reduction in rate of EPF contributions from 12% to 10% of basic wages and Dearness allowances is intended to benefit both 4.3 crore employees/members and employers of 6.5 lakhs establishments to tide over the immediate liquidity crisis to some extent during Pandemic situation. Q. 3:  Whether any notification has been issued under the EPF & MP Act, 1952 for reducing the rate of contributions? If so, how can I access the notification? Ans:  The reduction in statutory rate of con...

The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector. The Scheme aims at mitigating the economic distress being faced by MSMEs by providing them additional funding of up to Rs. 3 lakh crore in the form of a fully guaranteed emergency credit line. The main objective of the Scheme is to provide an incentive to Member Lending Institutions (MLIs), i.e., Banks, Financial Institutions (FIs) and Non-Banking Financial Companies (NBFCs) to increase access to, and enable availability of additional funding facility to MSME borrowers, in view of the economic distress caused by the COVID-19 crisis, by providing them 100 per cent guarantee for any losses suffered by them due to non- repayment of the GECL funding by borrowers. The salient features of the Scheme include:   ● All MSME borro...

6. Contributions and matters which may be provided for in Schemes .-1[***] The contribution which shall be paid by the employer to the Fund shall be 2[3[ten per cent]] of the basic wages, 4[dearness allowance and retaining allowance (if any)] for the time being payable to each of the employees 5[(whether employed by him directly or by or through a contractor)], and the employees' contribution shall be equal to the contribution payable by the employer in respect of him and may, 6[if any employee so desires, be an amount exceeding 3[ten per cent.] of his basic wages, dearness allowance and retaining allowance (if any), subject to the condition that the employer shall not be under an obligation to pay any contribution over and above his contribution payable under this section]: 6[Provided that in its application to any establishment or class of establishments which the Central Government, after making such inquiry as it deems fit, may, by notification in the Official Gazette specify, ...

The Union government has withdrawn its order directing employers to pay wages to workers, even with units remaining shut during lockdown. On Sunday, the Ministry of Home Affairs (MHA) had issued a fresh set of guidelines which will be applicable from Monday. It has repealed the order dated March 29, 2020 which had talked about compulsory wage payment to workers during lockdown. "Save as otherwise provided in the guidelines annexed to this order, all order issued by the NEC [national executive committee] under Section 10(2)(I) of the Disaster Management (DM) Act, 2005, shall cease to have effect from 18.05.2020." The annexure attached to the order mentions six sets of standard operating procedures - mostly related to movement of persons - that will continue to remain in force. But it does not include the March 29 order. The MHA had on March 29 issued an order under Section 10(2)(I) of the DM Act asking all employers to pay wages to workers on due date without any deduction eve...

Notification GSR.225(E) dated 27.03.2020  inserting Sub-Para (3) under Para 68L of the EPF Scheme, 1952 to provide for non-refundable advance to EPF members in the event of outbreak of epidemic or pandemic. The notification amends the EPF Scheme, 1952 by inserting Sub-Para (3) under Para 68L of the EPF Scheme, 1952 to provide for non-refundable advance to EPF members not exceeding the basic wages and dearness allowances for three months or upto 75% of the amount standing to member's credit in the EPF account in the event of outbreak of epidemic or pandemic. PF NOTIFICATION dated: 28th APRIL 2020 ,  has increased uniform death relief fund from 3.9 lac to 10 lac to be paid to legal heir / nominee of the deceased employee due to COVID19 subject to necessary procedure and rules. www.tpconsultants.com

IMPORTANT SAFETY & SOCIAL DISTANCING GUIDELINES FOR EMPLOYEES/ASSOCIATES/DEPUTIES: 1. Postpone travel abroad 2. Do not eat outside food, prefer vegetarian food 3. Do not go to unnecessary social events 4. Do not take unnecessary travel trips unless necessary or officially mandated 5. Completely follow government specified social distancing and safety norms 6. Stay away from a person who has cough/cold/fever or any specified precautionary norms 7. Always keep your face mask/gloves/specified PPE on as specified 8. Avoid going to the Cinema, Mall and Crowded Market/Places for 6 Months now. If possible, Park, Party, etc. should also be avoided 9. Increase immunity measures as per govt specified norms 10. Be very careful while at Barber shop or at beauty Salon parlour 11. Avoid Unnecessary Meetings, Always keep in mind Social Distancing norms 12. The threat of CORONA/COVID-19 epidemic is not going to end soon unless we all strictly adhere to govt specified norms 13. Don't wear belt,...

NEW DELHI:  T he Centre on Friday made it mandatory for government and private sector employees to use Aarogya Setu mobile application to bolster the efforts to fight the Covid-19 pandemic, and entrusted the organisational heads with ensuring its 100 per cent coverage. The Union Home Ministry also said the mobile app will be must for people living in Covid-19 containment zones. "Use of Aarogya Setu app shall be made mandatory for all employees, both private and public. It shall be the responsibility of the head of the respective organisations to ensure 100% coverage of this app among the employees," the ministry said. www.tpconsultants.com

Dear Patrons/Colleagues, We are extremely proud and glad to announce TIMELY SALARY REMITTANCE to all our deputies/colleagues/Patrons to their respective bank accounts both for the months(s) of MARCH & APRIL '2020. This would not had been possible without active cooperation and assistance of our entire team and banking partner(s). In complete observance and adherence of government notification(s) for a united fight against COVID-19 epidemic, our entire team and colleagues are working from their respective home(s) only with strict observance of social distancing norms and with limited working resources. Patrons/colleagues, TOGETHER WE SHALL OVER COME THIS EPIDEMIC and shall RISE AND SHINE, GODSPEED ahead to all of us. www.tpconsultants.com