what is socso and epf?
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EPF & SOCSO. ... Employee Provident Fund (EPF) Employer Employee Wages A person(s) with whom an employee has a contract of service or apprenticeship. A person who is employed under a contract of service or apprenticeship. All remuneration in money due to an employee under his contract of service or apprenticeship.
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A Security Operation Center (SOC) is a centralized function within an organization employing people, processes, and technology to continuously monitor and improve an organization's security posture while preventing, detecting, analyzing, and responding to cybersecurity incidents.
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The Employee Provident Fund (EPF) is a retirement-oriented investment with tax-saving benefits. ... The National Pension System (NPS) is also considered as one of the best investment tools for retirement. NPS offers three options of investment to its investors: equity, corporate debt, and government bonds.
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Starting April, all land-based OFWs are required to pay at least P960 a month to the Social Security System as part of their mandatory contribution to the state pension. SSS contribution became mandatory for OFWs when Republic Act No. 11199 or the Social Security Act of 2018 was signed by President Rodrigo R.
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Tax-saving – Under Section 80C of the Indian Income Tax Act, en employee's contribution towards their PF account is deemed eligible for tax exemption. Moreover, earnings generated through EPF scheme are exempted from taxes. Such exemption can be availed up to a limit of Rs. 1.5 Lakh.
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EPF is optional for individuals drawing salary more than Rs. 15,000 per month. ... The EPF is maintained solely by the Employees Provident Fund Organization of India (EPFO) and any organization employing more than 20 persons is necessarily required to get registered with the EPFO.
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EPF stands for Employee Provident Fund while EPS stands for Employee Pension Scheme. Both EPF and EPS work in more or less the same way i.e. they help employees have a retirement corpus when they are no longer earning. ... Under EPF, both you and your employer contribute 12% of your basic salary towards your EPF account.
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Your employer is right. Your contribution towards EPF will be eligible for deduction under Section 80C of Income Tax Act. The employer's contribution is also exempt form tax. But you cannot claim tax deduction on the employers contribution under section 80C.
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Emergency Support Functions (ESFs) is the grouping of governmental and certain private sector capabilities into an organizational structure to provide support, resources, program implementation, and services that are most likely needed to save lives, protect property and the environment, restore essential services and ...
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Recognised Provident Fund (RPF) as recognised by Commissioner of Income Tax under EPF and Miscellaneous Provision Act, 1952. It applies to enterprises employing at least 20 employees. ... Statutory Provident Fund (SPF) is meant for employees of Government or Universities or Educational Institutes affiliated to University.
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EPFL is one of the most prestigious schools in Europe in the fields of engineering, technology and computer science, according to the Shanghai Academic Ranking of World Universities. In 2011, it was in second place among European universities, behind Cambridge University (UK).
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EPF Form 31 is used for partial withdrawal of funds from the EPF account. An employee can withdraw funds from his corpus depending upon the purpose and years of service provided in the formal sector. This form can be filled offline and online (through the EPF Member Portal).
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Annexure-K of EPF is a document which contains details of EPF account. It is an internal document sent between trusts and regional EPF offices during the transfer of the accounts. It is especially useful during the transfer of EPF from exempted private trusts. An image of Annexure K is shown below.
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Form 10C is filled and submitted when you want to claim benefit under the Employee Pension Scheme (EPS). ... Thus, in order to avail the benefits and at the same time, retain the membership with Employee Pension Fund (EPF) the employee files a Form 10C.
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Tax Status: In general, both EPF and VPF are tax-free avenues for the salaried class with an Exempt-Exempt-Exempt (E-E-E) status. Meaning, your contributions are deductible under Section 80C, interest earned is exempt and so are the maturity proceeds exempt.
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The primary difference is that old pension scheme was Benefit Defined whereas NPS is Contribution Defined. ... However Govt of India didn't extend this benefit to new employees after a certain date and started offering them benefits under EPF which also includes another pension scheme called EPS.
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A floating production storage and offloading (FPSO) unit is a floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons, and for the storage of oil. ... FPSOs can be a conversion of an oil tanker or can be a vessel built specially for the application.