Tuesday, August 19, 2008

FAQ on Provident Fund and gratuity

What is Provident Fund?

The Employees' Provident Funds and Miscellaneous Provisions Act, provides for compulsory contributory fund for the future of an employee after his retirement or for his dependents in case of his early death. It extends to the whole of India except the State of Jammu and Kashmir and is applicable to:
Who are covered under it?

Every factory engaged in any industry specified in Schedule 1 in which 20 or more persons are employed, every other establishment employing 20 or more persons or class of such establishments which the Central Government may notify, any other establishment so notified by the Central Government even if employing less than 20 persons.

Who are the contributors towards the fund?

As per amendment-dated 22.9.1997, both the employee and the employer contribute to the fund at the rate of 12 per cent of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. The rate of contribution is 10 per cent in the case of some establishments which are mentioned in the Act.
What is the interest rate?

The rate of interest is fixed by the Central Government in consultation with the Central Board of trustees, Employees' Provident Fund every year during March/April, so it can vary from year to year. The rate is yet to be finalised for this year with the EPF Board toying with an 8 per cent and the Unions demanding a 9.5 per cent.
Can you withdraw from the Provident Fund?

The entire amount of the PF along with the accumulated interest can be withdrawn by an employee on retirement after attaining the age of 55 years. However, in cases of termination, retirement on account of permanent disablement, on migration from India for a permanent settlement abroad and in cases of retrenchment, the amount can be withdrawn before the completion of 55 years. A person can also withdraw 90 per cent of the amount a year before his or her retirement.

What are the special cases where you can withdraw from PF?

In case a person is going for a job change, his Provident Fund account can be transferred for further continuation in the next office. For this, the concerned person has to fill the Transfer Application in form 13 and submit it to the concerned Provident Fund office. If a person is switching to an organisation which does not come under this act, he can receive all the accumulated money which is in his PF account till now. In cases of untimely death of the person, his nominees receive the same.

What is Pension Fund?

The Employees' Provident Fund & Miscellaneous Provisions Act, 1952 was amended in1971 and was renamed as the "The Employees' Provident Fund & Family Pension Act , 1952". It was felt that in case of premature death of the worker or a permanent disablement the Provident fund was too less an amount to support him and his family. This led to an introduction of another social security benefit in the name of pension.

After the last amendment in 1995, Employees' Pension Scheme-95 came into effect from 16.11.95. The assets and liabilities of the erstwhile Pension Fund were transferred and merged with the new Pension Fund. The benefits and entitlements to the members under the old scheme remain protected and continued under the new Employees' Pension Scheme-95. The existing members (as on 16.11.95) of the Provident Fund who did not opt for joining the erstwhile Employees' Family Pension Scheme-1971 and the beneficiaries under the erstwhile Employees' Family Pension Scheme-1971 in case of death/exit occurring between 1.4.93 and 15.11.95 have option to join the new scheme.

ho are covered under the Pension Scheme?

All the members of the ceased Family Pension Scheme and anyone who joins a covered establishment (it has 20 or more than 20 people working) on or after 16-11-95 has to compulsorily join this scheme. But his salary range should be higher than Rs 6500/ per month at the date of appointment.

How do you contribute towards pension fund?

An employer contributes to the pension at the rate of 8.33 per cent of the employees' salary. The Government's contribution is 1.16 per cent. It is calculated on the basis of the wages at the end of the year. The employee does not make any contribution. The calculation of pension is done on the basis of last salary drawn and the number of years of services rendered by the employee. Actual amount accumulated in the Pension fund is not taken into consideration.

When are you entitled to get pension?

A person is entitled to receive pension after the completion of 10 years of service and on attaining the age of 58 years. On ceasing employment earlier than 58 years, pension may be availed of by a member at his option, before attaining the age of 58 years but not below 50 years. Such early pension will be subject to discounting factor. These eligibilities are not counted in cases of permanent disability or death of person.
In case of death, the spouse is entitled to receive (ceases in case of remarriage) or children (should be below 25 years of age). In case the person has died and has not got any eligible family members, the parents; are entitled to receive it. If absence of any family member the nominee of the deceased person can get it.

What is Gratuity?

Gratuity is a retirement benefit for long services as a provision for old age. The Act provides for the payment of gratuity to workers employed in every factory, shop & establishments or educational institution employing 10 or more persons on any day of the proceeding 12 months. A shop or establishment to which the Act has become applicable shall continue to be governed by the Act even if the number of persons employed falls bellow 10 at any subsequent stage.
Who all are covered under it?

Previously there was a wage ceiling above which employees were liable to the benefits. After the 34th amendment to this act in 1994 no such ceiling exists. All employees irrespective of their salary amount are now covered under this Act.

Who contributes to this fund and what is the maximum amount payable?

The employer has to contribute to this fund. The amount of gratuity payable is computed at rate of 17 days wages based on the rate of wages last drawn, for every completed year of service. The maximum amount of Gratuity payable was Rs one lakh earlier but after the 11th amendment to the Act in 1998 the amount payable under the scheme has been raised to Rs 3.5 lakh. Companies have a choice of opting for a higher benefit of gratuity that is - a higher total amount to be paid.,

When can you expect gratuity?

Completion of at least five years of continuous services is necessary to receive this amount. However, it does not apply in cases where a person has stopped working due to death or disablement. In the natural course an employee can receive it on his superannuation, retirement or resignation.

Saturday, August 16, 2008

Fox News: 12 Year Old Girl Tells the Truth about Georgia




Watch the host attempting to downplay the truth and take the narration to irrelevant details when the girl and her aunt are trying to speak what the world really wants to hear.

Thursday, August 14, 2008

Rats to solve food crisis

Eating rats is the best way for rich and poor people to solve the global crisis of rising food prices, an Indian official said on Wednesday as he unveiled his plan to put rodents on menus.

Regular rat snacks would translate into fewer rodents eating precious grain stocks -- 50 percent of which are lost in the northeastern state of Bihar in India every year to the animals, said Vijay Prakash, secretary of the state's welfare department.

"This will help in mitigating the global food crisis. We are sure that it will work wonders," Prakash told AFP. "It will save half our grain, and will also reduce villagers' dependence on food stock."

Prakash's plan promotes consumption of rat meat in homes, street stalls, restaurants and even international five-star hotels.

He said he was also holding talks with prestigious hotels outside India to encourage them to put rat meat on their menus, but admitted his scheme had to overcome public prejudice.

"The only issue is how people react to rat meat, but I think it will not be a problem," he said.

"Some socially deprived people in Bihar have always consumed rat meat. If they can eat rats, why can't the rest of the people?" he said.

Members of the Mushar community and some other impoverished groups have traditionally eaten rats in India.

"Rat meat will make up nutrition deficiencies among villagers, since rats are a major source of protein," Prakash said.

Friday, August 8, 2008

Exchange Earner's Foreign Currency (EEFC) Account

A. P. (DIR SERIES) CIRCULAR NO. 4, DATED 4-8-2008
Attention of Authorised Dealer Category - I (AD Category – I) banks is invited to paragraph 2 of A. P. (DIR Series) Circular No. 13 dated October 6, 2007, in terms of which all exporters, as a temporary measure, were permitted to earn interest on Exchange Earners' Foreign Currency (EEFC) accounts to the extent of outstanding balances of USD 1 million per exporter. The permission was valid up to October 31, 2008 and was subject to review.
2. The measure has since been reviewed in consultation with the Government of India and it has been decided to withdraw the facility from November 01, 2008. Accordingly, with effect from November 01, 2008, all EEFC accounts shall only be permitted to be opened and maintained in the form of non-interest bearing current accounts.
3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

Exchange Earner's Foreign Currency (EEFC) Account

A. P. (DIR SERIES) CIRCULAR NO. 4, DATED 4-8-2008
Attention of Authorised Dealer Category - I (AD Category – I) banks is invited to paragraph 2 of A. P. (DIR Series) Circular No. 13 dated October 6, 2007, in terms of which all exporters, as a temporary measure, were permitted to earn interest on Exchange Earners' Foreign Currency (EEFC) accounts to the extent of outstanding balances of USD 1 million per exporter. The permission was valid up to October 31, 2008 and was subject to review.
2. The measure has since been reviewed in consultation with the Government of India and it has been decided to withdraw the facility from November 01, 2008. Accordingly, with effect from November 01, 2008, all EEFC accounts shall only be permitted to be opened and maintained in the form of non-interest bearing current accounts.
3. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

Wednesday, August 6, 2008

IMDB film list - Fantasy

1 8.9 The Lord of the Rings: The Return of the King (2003) 1,01,339
2 8.7 The Lord of the Rings: The Fellowship of the Ring (2001) 1,55,783
3 8.7 Star Wars (1977) 1,33,088
4 8.6 The Lord of the Rings: The Two Towers (2002) 1,13,081
5 8.6 Star Wars: Episode V - The Empire Strikes Back (1980) 1,02,665
6 8.5 It's a Wonderful Life (1946) 41,597
7 8.5 Sen to Chihiro no kamikakushi (2001) 23,415
8 8.3 Monty Python and the Holy Grail (1975) 60,228
9 8.3 The Wizard of Oz (1939) 37,742
10 8.3 Faust (1926) 690
11 8.2 Wo hu cang long (2000) 51,391
12 8.2 Sjunde inseglet, Det (1957) 10,353
13 8.1 Belle et la bête, La (1946) 2,344
14 8.1 Fanny och Alexander (1982) 4,247
15 8.1 The Princess Bride (1987) 53,899
16 8.1 Donnie Darko (2001) 51,089
17 8.1 Mononoke-hime (1997) 19,874
18 8 Harvey (1950) 7,740
19 8 A Matter of Life and Death (1946) 2,051
20 8 Toy Story 2 (1999) 41,205
21 8 Tenkû no shiro Rapyuta (1986) 4,720
22 8 Scrooge (1951) 3,656
23 8 The Green Mile (1999) 59,873
24 8 Tonari no Totoro (1988) 5,037
25 8 Star Wars: Episode VI - Return of the Jedi (1983) 81,720
26 7.9 Shrek (2001) 64,800 yes
27 7.9 Sennen joyu (2001) 923
28 7.9 King Kong (1933) 10,104
29 7.9 Big Fish (2003) 31,258
30 7.9 Monsters, Inc. (2001) 38,855
31 7.9 Hauru no ugoku shiro (2004) 743
32 7.9 Toy Story (1995) 46,201
33 7.9 Groundhog Day (1993) 44,770
34 7.9 Brazil (1985) 31,142
35 7.8 Kaze no tani no Naushika (1984) 3,138
36 7.8 Memories (1995) 751
37 7.8 Being John Malkovich (1999) 54,985
38 7.8 Spider-Man 2 (2004) 38,856
39 7.8 Pirates of the Caribbean: The Curse of the Black Pearl (2003) 59,924 yes
40 7.8 Himmel über Berlin, Der (1987) 6,796
41 7.8 Beauty and the Beast (1991) 25,084
42 7.8 Fantasia (1940) 14,709
43 7.8 Charme discret de la bourgeoisie, Le (1972) 2,846
44 7.8 Ángel exterminador, El (1962) 1,497
45 7.7 The Nightmare Before Christmas (1993) 19,230
46 7.7 Majo no takkyûbin (1989) 3,431
47 7.7 Snow White and the Seven Dwarfs (1937) 15,072
48 7.7 X2 (2003) 38,359
49 7.7 Mimi wo sumaseba (1995) 986
50 7.7 E.T. the Extra-Terrestrial (1982) 44,484

IMDB film list - Fantasy

1 8.9 The Lord of the Rings: The Return of the King (2003) 1,01,339
2 8.7 The Lord of the Rings: The Fellowship of the Ring (2001) 1,55,783
3 8.7 Star Wars (1977) 1,33,088
4 8.6 The Lord of the Rings: The Two Towers (2002) 1,13,081
5 8.6 Star Wars: Episode V - The Empire Strikes Back (1980) 1,02,665
6 8.5 It's a Wonderful Life (1946) 41,597
7 8.5 Sen to Chihiro no kamikakushi (2001) 23,415
8 8.3 Monty Python and the Holy Grail (1975) 60,228
9 8.3 The Wizard of Oz (1939) 37,742
10 8.3 Faust (1926) 690
11 8.2 Wo hu cang long (2000) 51,391
12 8.2 Sjunde inseglet, Det (1957) 10,353
13 8.1 Belle et la bête, La (1946) 2,344
14 8.1 Fanny och Alexander (1982) 4,247
15 8.1 The Princess Bride (1987) 53,899
16 8.1 Donnie Darko (2001) 51,089
17 8.1 Mononoke-hime (1997) 19,874
18 8 Harvey (1950) 7,740
19 8 A Matter of Life and Death (1946) 2,051
20 8 Toy Story 2 (1999) 41,205
21 8 Tenkû no shiro Rapyuta (1986) 4,720
22 8 Scrooge (1951) 3,656
23 8 The Green Mile (1999) 59,873
24 8 Tonari no Totoro (1988) 5,037
25 8 Star Wars: Episode VI - Return of the Jedi (1983) 81,720
26 7.9 Shrek (2001) 64,800 yes
27 7.9 Sennen joyu (2001) 923
28 7.9 King Kong (1933) 10,104
29 7.9 Big Fish (2003) 31,258
30 7.9 Monsters, Inc. (2001) 38,855
31 7.9 Hauru no ugoku shiro (2004) 743
32 7.9 Toy Story (1995) 46,201
33 7.9 Groundhog Day (1993) 44,770
34 7.9 Brazil (1985) 31,142
35 7.8 Kaze no tani no Naushika (1984) 3,138
36 7.8 Memories (1995) 751
37 7.8 Being John Malkovich (1999) 54,985
38 7.8 Spider-Man 2 (2004) 38,856
39 7.8 Pirates of the Caribbean: The Curse of the Black Pearl (2003) 59,924 yes
40 7.8 Himmel über Berlin, Der (1987) 6,796
41 7.8 Beauty and the Beast (1991) 25,084
42 7.8 Fantasia (1940) 14,709
43 7.8 Charme discret de la bourgeoisie, Le (1972) 2,846
44 7.8 Ángel exterminador, El (1962) 1,497
45 7.7 The Nightmare Before Christmas (1993) 19,230
46 7.7 Majo no takkyûbin (1989) 3,431
47 7.7 Snow White and the Seven Dwarfs (1937) 15,072
48 7.7 X2 (2003) 38,359
49 7.7 Mimi wo sumaseba (1995) 986
50 7.7 E.T. the Extra-Terrestrial (1982) 44,484

IMDB film list - Family

1 8.5 It's a Wonderful Life (1946) 41,597
2 8.3 The Wizard of Oz (1939) 37,742
3 8.2 The Gold Rush (1925) 6,290
4 8.2 Finding Nemo (2003) 40,513
5 8.2 The Incredibles (2004) 27,728
6 8.1 The Kid (1921) 2,578
7 8.1 A Night at the Opera (1935) 5,882
8 8.1 Safety Last! (1923) 728
9 8 Harvey (1950) 7,740
10 8 Bringing Up Baby (1938) 10,063
11 8 Toy Story 2 (1999) 41,205
12 8 Tenkû no shiro Rapyuta (1986) 4,720
13 8 Tonari no Totoro (1988) 5,037
14 7.9 A Christmas Story (1983) 20,369
15 7.9 Shrek (2001) 64,800 yes
16 7.9 The Cameraman (1928) 767
17 7.9 Monsters, Inc. (2001) 38,855
18 7.9 Toy Story (1995) 46,201
19 7.8 Our Hospitality (1923) 839
20 7.8 Beauty and the Beast (1991) 25,084
21 7.8 Fantasia (1940) 14,709
22 7.8 Steamboat Bill, Jr. (1928) 1,161
23 7.8 My Fair Lady (1964) 12,536
24 7.8 The Iron Giant (1999) 14,889
25 7.8 The Circus (1928) 1,202
26 7.7 The Nightmare Before Christmas (1993) 19,230
27 7.7 Seven Chances (1925) 536
28 7.7 Majo no takkyûbin (1989) 3,431
29 7.7 Whale Rider (2002) 11,033
30 7.7 Snow White and the Seven Dwarfs (1937) 15,072
31 7.7 The Sound of Music (1965) 20,315
32 7.7 Mimi wo sumaseba (1995) 986
33 7.7 The Lion King (1994) 32,243
34 7.7 E.T. the Extra-Terrestrial (1982) 44,484
35 7.7 Shrek 2 (2004) 26,176 yes
36 7.7 Kurenai no buta (1992) 1,969
37 7.7 Miracle on 34th Street (1947) 6,530
38 7.7 Pinocchio (1940) 6,629
39 7.6 Meet Me in St. Louis (1944) 2,421
40 7.6 Mary Poppins (1964) 13,625
41 7.6 Fiddler on the Roof (1971) 5,797
42 7.6 Harry Potter and the Prisoner of Azkaban (2004) 25,031
43 7.5 The Thief of Bagdad (1940) 1,290
44 7.5 The Many Adventures of Winnie the Pooh (1977) 1,595
45 7.5 Willy Wonka & the Chocolate Factory (1971) 16,159
46 7.5 Aladdin (1992) 22,057
47 7.5 The Pride of the Yankees (1942) 1,717
48 7.5 Bambi (1942) 8,923
49 7.5 The Music Man (1962) 3,904
50 7.4 The Band Wagon (1953) 1,161

IMDB film list - Crime

1 9 The Godfather (1972) 1,20,771
2 8.8 The Godfather: Part II (1974) 70,814
3 8.7 Pulp Fiction (1994) 1,30,472 yes
4 8.7 Cidade de Deus (2002) 24,660
5 8.6 12 Angry Men (1957) 29,463
6 8.6 The Usual Suspects (1995) 1,02,875
7 8.5 Goodfellas (1990) 66,770
8 8.5 Double Indemnity (1944) 11,370
9 8.5 The Silence of the Lambs (1991) 91,341
10 8.5 Rashômon (1950) 11,340
11 8.5 M (1931) 11,790
12 8.4 Fight Club (1999) 1,10,323 yes
13 8.4 Sunrise: A Song of Two Humans (1927) 2,584
14 8.4 On the Waterfront (1954) 12,516
15 8.4 Touch of Evil (1958) 11,525
16 8.4 Taxi Driver (1976) 47,844
17 8.3 Requiem for a Dream (2000) 46,494
18 8.3 Se7en (1995) 87,440
19 8.3 Chinatown (1974) 26,129
20 8.3 The Sting (1973) 23,266
21 8.3 Léon (1994) 51,714
22 8.3 American History X (1998) 58,157
23 8.3 L.A. Confidential (1997) 69,485
24 8.3 Yojimbo (1961) 8,702
25 8.2 Sin City (2005) 13,938
26 8.2 Kill Bill: Vol. 1 (2003) 63,858
27 8.2 A Clockwork Orange (1971) 64,981
28 8.2 Reservoir Dogs (1992) 68,722
29 8.2 Quatre cents coups, Les (1959) 6,315
30 8.2 White Heat (1949) 2,556
31 8.1 Kill Bill: Vol. 2 (2004) 43,291
32 8.1 Fargo (1996) 65,489
33 8.1 Laura (1944) 4,506
34 8.1 The Killing (1956) 6,812
35 8.1 Butch Cassidy and the Sundance Kid (1969) 20,815
36 8.1 The Thin Man (1934) 4,657
37 8 Once Upon a Time in America (1984) 19,728
38 8 Pépé le Moko (1937) 564
39 8 Lola rennt (1998) 33,126
40 8 I Am a Fugitive from a Chain Gang (1932) 1,174
41 8 In Cold Blood (1967) 2,357
42 8 In the Heat of the Night (1967) 6,594
43 7.9 Mystic River (2003) 28,788
44 7.9 Die Hard (1988) 58,791
45 7.9 Inherit the Wind (1960) 3,604
46 7.9 Wu jian dao (2002) 3,770
47 7.9 Oliver Twist (1948) 1,597
48 7.9 The Conversation (1974) 10,988
49 7.9 Ossessione (1943) 520
50 7.9 Die xue shuang xiong (1989) 9,080