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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Motor Insurance: Insurer Cannot Refuse Third-party Insurance: IRDAI
No insurer can refuse to underwrite third-party insurance, the Insurance Regulatory and Development Authority of India (IRDAI) said.
 
“The regulations (of the Insurance Laws (Amendment) Ordinance, 2014) stipulate just the minimum obligation of the insurer in respect of motor third party insurance business,” IRDAI said, in an exposure draft. “Notwithstanding this, at no instance the insurer shall refuse to underwrite the ‘liability only’ motor policy covering motor third party insurance risk coming to its office,” it said. This is a mandatory cover, along with the own damage cover.

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Mediclaim: IRDAI Slaps Rs20-lakh Fine on Apollo Munich Health Insurance
IRDAI has slapped a fine of Rs20 lakh on Apollo Munich Health Insurance Company, for selling its policies through the website of makemytrip.com, which is not authorised to sell insurance. IRDAI has imposed a penalty of Rs15 lakh on the insurer for violation of the regulatory norms during 
2008-09, 2009-10 and 2010-11. IRDAI has also imposed a penalty of Rs5 lakh on Apollo Munich for soliciting business from agents whose licence had expired.

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