Sukanya Samriddhi Account Vs Public Provident Fund: 10 Things to Know

Sukanya Samriddhi Account (SSA) Vs Public Provident Fund (PPF): 10 Things to Know

The recently launched Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) can be useful instruments for saving for the future needs of the children. The Sukanya Samriddhi Account can only be opened in the name of the girl child while PPF scheme can be availed by all. Experts say PPF scores over Sukanya Samriddhi Account in terms of liquidity (partial withdrawal facility) and other flexibilities. But Sukanya Samriddhi Account could potentially give higher returns, they add.

Eligibility: A Sukanya Samriddhi Account can be opened by the guardian in the name of a girl child till she attains the age of ten years. Only one account is allowed per girl child. Parents can open this account for a maximum of two children.

Limit: An investor can open PPF accounts in the name of minors but a maximum of Rs.
1.5 lakh can be deposited every year including all the accounts. In case of Sukanya Samriddhi Account, a maximum of Rs 1.5 lakh can be deposited per account.

Account Opening: A Sukanya Samriddhi Account can be opened with an amount of Rs.
1,000 while it is Rs 100 for a PPF account. Both these accounts can be opened at post offices and banks.

A charge of Rs 50 will be levied both in Sukanya Samriddhi Account and PPF if the minimum contribution is not made every year.

Minimum and maximum contribution: In an Sukanya Samriddhi Account, a minimum of Rs. 1,000 has to be deposited every year and the maximum limit is Rs. 1.5 lakh. And there is no limit on number of deposits either in a month or in a financial year.

In case of PPF, an individual but has to deposit a minimum of Rs. 500 in a financial year while the maximum limit is Rs.1,50,000. And deposits can be made in lump-sum or in 12 installments.

Maturity: The Sukanya Samriddhi Account can be closed after the girl child in whose name the account was opened completes the age of 21. If account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time. The maturity period of a PPF account is 15 years but it can be extended in blocks of five years.

Taxation: In terms for taxation, deduction up to Rs. 1.5 lakh is allowed under Section 80C in both the Sukanya Samriddhi Account and PPF. Also, both the schemes qualify for tax-free status on withdrawal and interest income.

Withdrawal: Partial withdrawal is permissible every year from the seventh financial year of opening the PPF account. In case of Sukanya Samriddhi Account, up to 50 per cent of the accumulated amount can be withdrawn after the account holder turns 18 while full withdrawal is possible after she turns 21.

Interest rate: The interest rate on Sukanya Samriddhi Account and PPF is not fixed. The government will every year declare the interest rate of the scheme. For 2014-15, the government would be paying 9.1 per cent interest on Sukanya Samriddhi Account against 8.7 per cent on PPF.

Loan: A loan facility is available from the third financial year of opening the PPF account. In Sukanya Samriddhi Account there is no such facility.

What Experts Say: Anil Rego, CEO of Right Horizons, a wealth management firm, said the choice between Sukanya Samriddhi Account and PPF is a trade-off between more flexibility and higher returns. PPF offers more flexibility while Sukanya Samriddhi Account can potentially give higher returns, he added. Investors with surpluses can look at the distributing their investments in both the schemes, Mr Rego added.

Suresh Sadagopan, the founder of Ladder 7 Financial Advisories, says both the Sukanya Samriddhi Account and PPF are similar schemes in nature in the debt space under Section 80C. The Sukanya Samriddhi Account is a good alternative if investors are comfortable at locking their money for a long time, he added.

Source : NDTV

Sukanya Samridhi Yojana Scheme: 1.8 Lakh Accounts Opened in 2 Months

Sukanya Samridhi Yojana Scheme: 1.8 Lakh Accounts Opened in 2 Months

New Delhi: As many as 1.80 lakh accounts have been opened under the 'Sukanya Samridhi' scheme in less than two months of launch of the special programme for the girl child, with the maximum number of accounts in Karnataka and the least in Bihar.

On January 22, Prime Minister Narendra Modi had launched a small deposit scheme for the girl child, as part of the 'Beti Bachao Beti Padhao' campaign. The deposits would fetch an interest rate of 9.1 per cent and provide income tax rebate as well.

As per data available with the Finance Ministry, 56,471 accounts have been opened in Karnataka, followed by 43,362 accounts in Tamil Nadu and 15,877 accounts in Andhra Pradesh.

However, Bihar accounted for the least number of accounts opened at just 204, followed by Kerala (222) and West Bengal (334), the data showed.

The National Capital saw 2,054 accounts being opened while 4,177 accounts were opened in Haryana and 7,620 in Uttar Pradesh.

As per the details of the scheme, 'Sukanya Samridhi Account' can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs.1,000. A maximum of Rs. 1.5 lakh can be deposited during the financial year.

The account can be opened in any post office or authorised branche of commercial banks.

The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age.

To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age.

Source : NDTV

Clarification Regarding Fake Advertisements for Mass Recruitment of Constables in Railways

Clarification Regarding Fake Advertisements for Mass Recruitment of Constables in Railways

Press Information Bureau
Government of India
Ministry of Railways

16-March-2015 16:25 IST

Clarification Regarding Fake Advertisements for Mass Recruitment of Constables in Railways

It has been noticed by Railways that some websites are showing advertisement regarding recruitment of 17000 Constables in Railway Protection Force/Railway Protection Special Force (RPF/RPSF). The Ministry of Railways here issues following clarification in this regard:-

“Some websites are advertising regarding mass recruitment of constables in Railway Protection Force.  In this connection, it is clarified that neither such an advertisement has been issued nor being processed from the Railways. Therefore, it is advised that such advertisements are fictitious and must be ignored.

The only advertisement under process is for recruitment of 1599 lady constables in RPF/RPSF which will be notified in employment news, national dailies and in official website of Railways i.e www.indianrailways.gov.in in due course.”

Mandatory Hiring of Apprentices: Amendment in Apprentices Act, 1961

Mandatory Hiring of Apprentices: Amendment in Apprentices Act, 1961

Press Information Bureau
Government of India
Ministry of Labour & Employment

16-March-2015 14:23 IST

Mandatory Hiring of Apprentices

The Apprentices Act, 1961 has been amended and brought into effect from 22.12.2014. Before the said amendment of the Act, there was no provision to mandate establishments to hire at least 50 per cent of their apprentices for regular employment. After amendment, the Act provides every employer shall formulate its own policy for recruiting any apprentice who has completed the period of apprenticeship training in his establishment.

Several suggestions/ recommendations were received from Office of the Prime Minister’s National Council on Skill Development (PM’s NCSD), Central Apprenticeship Council (CAC), National Commission on Labour (NCL), Indian Labour Conference (ILC), Confederation of Indian Industry (CII) and National Skill Development Agency (NSDA) and other stakeholders to make changes in the Apprentices Act, 1961. These were discussed in an Inter-Ministerial Group(IMG) having representatives from Ministry of Railways, Ministry of Micro Small Medium Enterprises, Ministry of Power, Ministry of Defence, Planning Commission, NSDA. The recommendations of IMG were discussed in the CAC-a tri-partite statutory body and simultaneously, these recommendations were also posted on web-site for inviting the comments of public at large. The amendments were carried out after considering suggestions from different stakeholders.

This was stated by Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment in response to a written question in Lok Sabha today.

DoPT to hold Stress Management Programme for officers

DoPT to hold Stress Management Programme for officers

Ministry of Personnel, Public Grievances & Pensions

March 16, 2015

The Department of Personnel & Training (DoPT) will hold a two-day Programme on Stress Management for officers of DoPT and the Cabinet Secretariat here next week. Officers of the level of Deputy Secretaries / Director and above can register for the Stress Management Programme to be conducted by the Vivekananda Yoga Anusandhan Sansthan at the Civil Services Officers’ Institute (CSOI), Vinay Marg on March 28-29, 2015.

PIB

Wi-Fi Facility at Seven Railway Stations

Wi-Fi Facility at Seven Railway Stations

Ministry of Railways

16-March, 2015

At present, the Wi-Fi facility has been provided at 7 Railway Stations namely Bengaluru, New Delhi, Chennai, Ahmedabad, Agra Cantt., Varanasi and Secunderabad. The internet access is provided free to the users for first 30 minutes. For usage beyond that, it is priced at Rs.25 for 30 minutes and Rs.35 for 1 Hour and is valid through 24 hours.

Such facility is proposed to be provided to all ‘A1’ & ‘A’ category stations (Total 75+332 = 407 stations).

This information was given by the Minister of State for Railways Shri Manoj Sinha in written reply to a question in Lok Sabha today.

PIB

A new Scheme ‘Apprentice Protsahan Yojana’ has been started

A new Scheme ‘Apprentice Protsahan Yojana’ has been started

Apprentice Protsahan Yojana

Ministry of Labour & Employment

March 16, 2015

A new Scheme ‘Apprentice Protsahan Yojana’ has been started on 16.10.2014 to share 50% of prescribed stipend to the apprentices by Government of India for the first two years of training engaged by eligible establishments particularly in manufacturing sector and other establishments covered under the Apprentices Act, 1961.

Regional Directorates of Apprenticeship Training under the control of Directorate General of Employment & Training will act as implementing agencies in their region.

After launching of this Scheme, the MSMEs establishments are able to engage apprentices and it also enables them to get skilled manpower for their needs.

This Scheme covers all categories of apprentices except the Graduate, Technician and Technician (Vocational) apprentices which are covered by scheme administered by Ministry of Human Resource Development.

This was stated by Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment in response to a written question in Lok Sabha today.

PIB

Maternity Benefit Act for Women Employees

Maternity Benefit Act for Women Employees

The main provisions of the Maternity Benefit Act are:

i) No employer shall knowingly employ a woman in any establishment during the six weeks immediately following the day of her delivery or her miscarriage. Also, no woman shall work in any establishment during the six weeks immediately following the day of her delivery or her miscarriage.

ii) Every woman shall be entitled to, and her employer shall be liable for, the payment of maternity benefit at the rate of the average daily wage for the period of her actual absence immediately preceding and in- cluding the day of her delivery and for the six weeks immediately following that day.

iii) No woman shall be entitled to maternity benefit unless she has actually worked in an establishment of the employer from whom she claims maternity benefit, for a period of not less than eighty days in the twelve months immediately preceding the date of her expected delivery.

iv) The maximum period for which any woman shall be entitled to maternity benefit shall be twelve weeks, that is to say, six weeks up to and including the day of her delivery and six weeks immediately following that day.

v) No deduction from the normal and usual daily wages of a woman entitled to maternity benefit shall be made by reason only of –
(i) the nature of work assigned to her by virtue of the provisions of the Act; or
(ii) breaks for nursing the child allowed to her under the provisions of the Act.

vi) If a woman works in any establishment after she has been permitted by her employer to absent herself for any period, during such authorised absence, she shall forfeit her claim to the maternity benefit for such period.

The above said statement is the part of undermentioned Lok Sabha Q&A:-

GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA

STARRED QUESTION NO 167

ANSWERED ON 09.03.2015

AMENDMENT TO MATERNITY BENEFITS ACT

167 . Pal Shri Jagdambika
Will the Minister of LABOUR AND EMPLOYMENT be pleased to state:-
(a) the key provisions of the Maternity Benefits Act, 1961;
(b) whether the Government has any proposal to bring amendments to the Act;
(c) if so, the details thereof and the reasons therefor; and
(d) the time by which the proposed amendments are likely to be implemented along with the extent to which the same would be beneficial for working women in the country?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT (SHRI BANDARU DATTATREYA)

(a) to (d): A statement is laid on the Table of the House.
STATEMENT RERERRED TO IN REPLY TO PARTS (a) TO (d) OF LOK SABHA STARRED QUESTION NO.167 FOR 09.03.2015 BY SHRI JAGDAMBIKA PAL REGARDING AMENDMENT TO MATENITY BENEFITS ACT.
(a): The main provisions of the Maternity Benefit Act are: —As mentioned above
(b): No, Madam.
(c) & (d): Does not arise in view of facts mentioned at (b) above.

Source: http://164.100.47.132/LssNew/psearch/QResult16.aspx?qref=12590