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Banking: Over 0.37 Million Complaints against Banks in Five Years
Over 0.37 million complaints have been received by the banking ombudsman during past five years. The highest number of complaints, 102,000 were against State Bank of India. The data received in response to an RTI application shows that 370,543 complaints have been received by 15 banking ombudsmen between 2009-10 and 2013-14.
 
During 2013-14, 76,573 complaints were received against public sector, private and foreign banks operating in the country; the maximum number of complaints—21,206—was against largest bank State Bank of India. Among the foreign banks, Standard Chartered recorded the highest number—3,357—of complaints, while the least number of complaints were against BNP Paribas, State Bank of Mauritius and JP Morgan Chase Bank National Association—one complaint each. In the private banks category, ICICI Bank recorded the highest number of complaints—5,325—during 2013-14.
 

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Retirement: Employers, Workers May Shell Out More for EPFO Contributions
Employers as well as formal sector workers may have to shell out more towards Employees’ Provident Fund (EPF), with the government proposing to include all allowances in the wages for deducting provident fund (PF) contribution.
 
At present, the PF liability is computed on the basic wages of employees which include basic pay and dearness allowance only. The employees contribute 12% of their basic wages towards EPF contribution, with employers pitching in an equal amount. Out of the employers’ contribution, 3.67% goes towards EPF, 8.33% towards employees’ pension scheme and 0.5% towards the employees’ deposit linked insurance scheme. The draft Bill to amend the Employees’ Provident Funds Miscellaneous Provisions Act 1952 provides that ‘wages’, means all emoluments, or remuneration, including all allowances payable to an employee in cash.

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