What is the matter: Actually, in November 2022, the Supreme Court had given an order on higher pension. According to this, all the members of EPFO who are EPS members can now contribute for higher pension with conditions.

Who is eligible for higher pension?

1) Employees who were members under EPS prior to 1st September 2014, and continue to be members on or after that date

2) Employees and employers who paid the contribution on salary in excess of the standard salary limit of ₹5,000 or ₹6,500. Explain that EPS was started in 1995 and under this the higher pensionable basic salary was Rs 5,000 per month. It was later increased to Rs 6,500 and the basic salary to Rs 15,000 per month with effect from September 1, 2014.

As of now, the company’s pension contribution for the employee is 8.33% of Rs 15,000 i.e. Rs 1,250. Even if the basic salary is more than Rs 15,000, the employer’s contribution to the pension is calculated only on the basic salary of Rs 15,000.

How to apply

• EPFO’s https://unifiedportal-mem.epfindia.gov.in/memberinterface/ portal will have to go.
• Here you will see the Pension on Higher Salary tab. Click on this tab.
• In the next step, the option of “Joint Application Form” will also be given.
• After clicking it enter the details asked on the screen. This includes UAN, name, date of birth, Aadhaar number, mobile number linked to Aadhaar and captcha.
• Then click on “Get OTP”.
• One-time password will be sent to your Aadhaar linked mobile number.
• The application will be verified by the employer after its submission by the EPFO official.

If all the details are correct, the amount due will be calculated and an order will be passed to transfer the dues. In case of mismatch, the employer and employee will be informed by EPFO and they will be given a period of one month to complete the information.

Interest rate on PF deposits for FY23 is 8.15%

EPFO increased the interest rate on Employees’ Provident Fund to 8.15% for FY23. This is a slight increase compared to the previous year. Explain that EPF has the highest interest rate in the small savings category.

The post EPFO’s higher pension deadline is about to end, how to apply, know everything first appeared on Rightsofemployees.com.

It is a non-linked, non-participating, individual, savings life insurance plan. Actually, it is basically a money back plan with guaranteed bonus. In this, guaranteed bonus will be given on maturity. The biggest feature of this policy is that premium will have to be paid for a short period of time and you will get the bonus with guarantee.

It is mandatory to get insurance of at least Rs.5 lakh It

is mandatory to get insurance of at least Rs.5 lakh in this policy. The minimum age for investing in this plan is 90 days and the maximum age is 55 years. The investor can pay the premium on monthly, quarterly, half-yearly or yearly basis as per his convenience. Since this is a policy with guaranteed bonus, you can easily calculate how much bonus you will get on maturity.

Policy Term and Premium Payment

This policy is available in terms of 15 years, 20 years and 25 years i.e. you can choose any one of these three maturity periods. According to the policy term, its premium is also to be paid for different years. If you choose a term of 15 years, then you will have to pay premiums only for 11 years. Premiums will have to be paid for 16 years in a term of 20 years and for 21 years in a term of 25 years.

Highlights of LIC Bima Ratna

>> Investment in LIC Bima Ratna is possible from 90 days to 55 years of age
>> In this minimum sum assured of 5 lakhs has to be taken for at least 15 years.
>> By taking a sum assured of 5 lakhs for 15 years, you can get around Rs 9,00,000
>> In this, a minimum monthly premium of Rs 5 thousand has to be paid. According to this, about 166 rupees will have to be saved daily.

The post LIC Bima Ratna Policy: Start investing from ₹ 166, get ₹ 50 lakh on maturity, know everything first appeared on Rightsofemployees.com.

In fact, with the beginning of the new year on January 1, 2023, the Reserve Bank has changed the rules related to lockers. After the implementation of this rule, banks will not be able to do arbitrariness with the customers regarding the locker.

If there is a lot of damage to the goods kept in the locker, then the responsibility of the bank will now be fixed. Apart from this, now customers will have to sign an agreement with the bank. Through this, customers will have to inform the bank about the change in locker rules through SMS and other means. So let’s know everything about it…

How can I get the locker?

You will have to give an application to the branch where you want to open the locker. Locker facility is provided on first come first serve basis. If your name is on the waiting list, you will be eligible once a user has left the locker. For this, it is also necessary to have a minimum amount in the bank account and annual rent is charged from the account.

How much is the charge?

Depending on the size and location of the locker, its annual charges are also fixed. It can be different in all banks. The charge of bank locker in SBI ranges from 2 thousand to 12 thousand. PNB charges from 1250 to 10 thousand rupees for bank locker. This charge in Canara Bank ranges from 2 thousand to 10 thousand. In HDFC, this charge ranges from 3 thousand to 20 thousand. In ICICI Bank, this charge starts from Rs 1200 and goes up to Rs 5000.

Under what conditions does the bank give compensation?

As per the new norms of RBI, if there is any damage to the contents kept in the locker due to the negligence of the bank, then the bank will have to pay for it. It is the responsibility of the banks to take all steps for the security of the premises in which the safe deposit vaults are kept. If the loss is due to fraud committed by the bank’s employees, the bank’s liability will be up to 100 times the annual rent of the locker.

Agreement will have to be done for renewal

Before January 1, 2023, locker holders will have to show eligibility for new locker agreement and will have to enter into an agreement for renewal. ‘As per RBI guidelines, the new locker agreement is to be executed before 31 December 2022.’

The post Bank locker rules: How to get locker in bank, what are the rules and how much is the charge, know everything first appeared on Rightsofemployees.com.