Tag: Gratuity
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Understanding the Payment of Gratuity Act: Key Provisions and Implications in India
The Payment of Gratuity Act is a crucial piece of legislation in India, designed to ensure that employees receive a financial benefit when their employment ends under certain conditions. Here’s a comprehensive overview of its key provisions and implications for employers and employees. Controlling Authority and Gratuity Payment The Act mandates appointing a controlling authority…
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Difference between Regular NPS and NPS for Government Employees
The National Pension System (NPS) is a voluntary, long-term retirement savings scheme in India, but there are key differences between the regular NPS and the NPS specifically for government employees: 1. Mandatory Participation 2. Contribution Rates 3. Investment Choices 4. Gratuity and Other Benefits 5. Withdrawal Rules 6. Regulatory Framework 7. OM References and Benefits…
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NPS for Government Employees: A Comprehensive Overview
The National Pension System (NPS) is a contributory pension scheme designed to provide retirement benefits to employees in India. Under this system, contributions from subscribers, along with matching contributions from the government as the employer, are collected and accumulated in individual pension accounts. Key Features of NPS for Government Employees NPS employs a structured approach…