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EPFO Rejects One-Third of Claims – Reports Indian Express

TheNewsay Staff — Wed, 28 Feb 2024 03:00:00 +0000

EPFO Rejects One Third of Claims, Reports Indian Express: A recent report by the Indian Express reveals that the Employees’ Provident Fund Organisation (EPFO) rejects every third claim it receives.

Many subscribers have complained about delays in claim settlement on EPFO’s official handle. EPFO, the world’s largest social security organization with over 277 million accounts and a corpus of nearly ₹20 lakh crore, responded that it normally takes 20 days to settle a claim if all required documents are submitted.

EPFO Rejects One Third of Claims: Reports Indian Express

In the financial year 2022-23, out of 73.87 lakh claims for final PF settlement, 33.8% (24.93 lakh) were rejected, 46.66 lakh were settled, and 2.18 lakh remained as the closing balance, according to official data.

Dear member , normally it takes 20 days to settle a claim or release the PF amount, if the same is submitted to concerned EPFO Office in complete. https://t.co/T4vDtSVZQM
— EPFO (@socialepfo) February 21, 2024

This rejection rate is significantly higher than in 2017-18 and 2018-19, which were around 13% and 18.2%, respectively. In 2019-20, the rejection rate was 24.1%, and in 2020-21, it rose to 30.8%. In 2021-22, the rejection rate for final settlement claims increased to 35.2%.

Also Read: EPFO Rejects One Third of Claims

Pressure on EPFO Officials

EPFO officials expressed concern about being under “extreme pressure” due to the return to manual annual account updates. The outdated IT system is blamed for delays in claim settlements beyond the stipulated 20-day timeframe.

Interest Announcement

On Feb 10, the Central Board Trustees of EPFO recommended an annual interest rate of 8.25% to be credited on EPF accumulations in members’ accounts for the financial year 2023-24. The Board also proposed a distribution of income of ₹1,07,000 crores to EPF members’ accounts on a total principal of around ₹13 lakh crores, marking the highest total income recommended for distribution so far.

Also Read: EPFO Rejects One Third of Claims

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Mark Zuckerberg Opens Up About a Controversial Leadership Style

TheNewsay Staff — Sun, 18 Feb 2024 16:58:30 +0000

Mark Zuckerberg Opens Up About a Leadership Style: Meta’s CEO, Mark Zuckerberg, shared a bold leadership principle during a recent “Morning Brew Daily” podcast episode. He discussed his tendency to avoid delegating responsibilities, considering it one of his more contentious management approaches.

Mark Zuckerberg Opens Up About a Leadership Style

Zuckerberg, at 39, explained, “I’m not big on passing off tasks. I believe a founder should make decisions and be involved in various aspects of the business.” He emphasized the importance of knowing limits and avoiding half-hearted involvement that could negatively affect the team.

Acknowledging the need for a talented team, he stated, “Despite putting in a lot of time, there’s still much I can’t handle. We need awesome people to take care of crucial tasks I can’t manage.”

While admitting there might be occasional challenges in his management style, Zuckerberg expressed confidence in its long-term success. “Over time, I’ve become more assured that I can delve deep into these matters, push them in the right direction, and learn from any short-term setbacks,” he said.

Also Read: Mark Zuckerberg Opens Up About a Leadership Style

However, Meta’s recent financial report raised concerns about Zuckerberg’s risky hobbies, including combat sports, extreme sports, and recreational aviation. The report highlighted the potential harm to both Zuckerberg and the company, citing a recent knee injury during MMA training that required surgery as an example.

The report underscored the risks associated with high-risk activities, stating, “Mr. Zuckerberg and certain members of management engage in activities with the potential for serious injury and death. If he were unavailable for any reason, it could significantly impact our operations,” Meta added.

Also Read: Mark Zuckerberg Opens Up About a Leadership Style

Sam Altman’s Recipe for Startup Success: Prioritizing Efficiency and Decisiveness

TheNewsay Staff — Thu, 15 Feb 2024 18:17:49 +0000

Recipe for Startup Success of Sam Altman: OpenAI CEO Sam Altman, known for taking bold risks in the AI realm, recently shared insights into what he believes drives startup success: unwavering efficiency. Altman highlighted the importance of small teams that operate swiftly and avoid mediocrity.

He stressed the power of compact, decisive teams that prioritize quality and agility over bureaucratic structures and average performance, stating, “Innovation is easier with small teams making decisive, concentrated bets, who don’t tolerate mediocre performers.”

Recipe for Startup Success of Sam Altman: OpenAI CEO

Altman argued that large teams, while offering diverse perspectives, often face challenges such as slow decision-making and a loss of focus due to internal politics and conflicting agendas.

Aligning with current trends in the startup landscape, Altman’s philosophy encourages a lean and agile approach. This involves continuous experimentation, a sharp focus on customer needs, and the presence of nimble teams capable of quick decision-making.

This mindset is reflected in the recent wave of layoffs across major tech companies in 2024, where streamlining operations has become a priority. In just two months, over 34,000 employees were laid off across tech giants like Google, Amazon, Meta, and others.

Also Read: Recipe for Startup Success of Sam Altman

Altman not only advocates for small teams but also emphasizes the importance of decisiveness and a culture of high performance. He insists that mediocre performers cannot be tolerated, underscoring the need to attract and retain top talent capable of consistently delivering exceptional results.

While Altman’s emphasis on ruthlessness may seem stringent, he believes it is crucial for startups to navigate intense competition and constant disruption in today’s markets.

Altman’s remarks serve as a wakeup call for startups, urging them to move away from cumbersome structures and embrace the effectiveness of small, decisive, and high-performing teams. It’s a call to prioritize agility, experimentation, and an unwavering commitment to excellence. In the dynamic world of startups, only the most determined innovators emerge victorious.

Also Read: Recipe for Startup Success of Sam Altman

TCS COO Reports Remote Work Can’t Foster a Strong Organizational Culture

TheNewsay Staff — Wed, 14 Feb 2024 10:45:00 +0000

TCS COO Stresses Office Return for Strong Culture: Tata Consultancy Services (TCS) has given employees more time to come back to the office, setting the end of March as the new deadline.

TCS COO Stresses Office Return for Strong Culture

The company emphasizes the importance of resuming office work to preserve its original culture, as stated by NG Subramaniam, the Chief Operating Officer. Subramaniam expresses concerns about work culture and security, noting that remote work increases vulnerability to cyberattacks.

To TCS COO Stresses Office Return for Strong Culture. He emphasises that maintaining TCS’ unique culture is necessary, which has been affected by the lack of in-person interaction during the pandemic.

We are very clear that we have to get our original culture back. Around 40,000 employees joined us online and quit online without any offline interaction during the pandemic, and that kind of situation cannot be helpful to an organisation,”
Subramaniam said.

We are not in a business where employees use TCS as a launch pad. Remote working cannot help an organisation build a great culture. We are exercising patience but have taken a principled stand that employees have to get back to offices. We have sent employees the final communication on this, and if they do not, there will be consequences to face,”
he said, as per the report.

Subramaniam points out that remote work makes it challenging for the organization to build a cohesive culture and retain a strong talent pool. He stresses the vital role of face-to-face interactions in leadership decisions and the company’s growth.

As per the TCS COO Stresses Office Return for Strong Culture, TCS’ HR Head, Milind Lakkad, supports the goal of returning to regular operations by the fiscal year-end as employees transition back to office environments.

Microsoft Employees Unveil Office Perks in Instagram Video

TheNewsay Staff — Tue, 13 Feb 2024 22:55:00 +0000

Microsoft Staff Show Office Perks on Instagram: A recent Instagram video posted by Microsoft employees from the Hyderabad campus gives a sneak peek into their daily work experiences. The video, approved by Microsoft, showcases the various perks and facilities offered to employees, providing insights into the lifestyle associated with working at Microsoft.

Microsoft Staff Show Office Perks on Instagram

Set against the backdrop of the expansive 54-acre campus, the video offers a visual tour of the modern facilities and environmentally friendly infrastructure that define the workspace. From advanced safety systems to energy-efficient buildings, Microsoft’s commitment to a conducive work environment is evident.

The video highlights the 24×7 multi-cuisine cafeteria, offering a variety of snacks, beverages, and health drinks. Each floor features informal meeting areas for relaxation, providing options from coffee and tea to infused water and lassi. Additionally, hot filter coffee is easily accessible, ensuring employees can recharge at any time.

Also Read: Microsoft Staff Show Office Perks on Instagram

Beyond culinary delights, the campus prioritizes employee well-being and productivity. A fully-equipped gym with trainers and fitness classes is available, along with round-the-clock ambulance services and a pharmacy for medical assistance. An outdoor amphitheater enhances the experience for gatherings and events.

Transportation needs are addressed with air-conditioned bus services offering WiFi connectivity for commuting convenience. Dedicated banking facilities and ATMs cater to financial needs, enhancing the overall employee experience.

The Instagram reel received positive responses from employees and observers alike, with comments expressing pride and appreciation for the company’s offerings. Microsoft Life, the official handle, endorsed the post, highlighting the wholesome content. As the video circulated, employees shared their experiences, teasing upcoming outings and expressing nostalgia for the camaraderie of campus life.

Also Read: Microsoft Staff Show Office Perks on Instagram

Salary Boost: UP and West Bengal Government Employees Get DA Hike

TheNewsay Staff — Fri, 09 Feb 2024 10:44:00 +0000

UP and West Bengal Government Employees Get DA Hike: Salary Boost in 2024 – Ahead of the Lok Sabha Elections 2024, government employees in West Bengal and Uttar Pradesh have received significant dearness allowance (DA) hikes. The West Bengal government announced a 4% DA increase during the budget presentation, while the Uttar Pradesh government approved a 10% DA hike for regular roadways employees.

Photo: ZeeBiz

UP and West Bengal Government Employees Get DA Hike in 2024

UP Government’s 10% DA Hike

The Yogi Adityanath government sanctioned a 10% DA increase for regular roadways employees, bringing the total to 38%. This decision, benefiting around 12,000 employees, followed protests and representations by the Uttar Pradesh Roadways Employees Union. The approved hike will incur an additional expenditure of Rs 7.5-8 crore for the state.

State employees with basic pay ranging from Rs 3,000 to Rs 15,000 will benefit from the DA hike. Below here is more about UP and West Bengal Government Employees Get DA Hike in 2024.

Also Read: UP and West Bengal Government Employees Get DA Hike

West Bengal’s 4% DA Hike

During the budget presentation, West Bengal announced a 4% DA hike for state employees, raising the previous 10% DA to 14%. This move aims to provide a financial boost to the government workforce. Additionally, the budget revealed increased financial assistance under the Lakshmir Bhandar Scheme, offering Rs 1,000 to general category households and Rs 1,200 to SC/ST households.

Amidst this, speculation arises regarding potential gifts for Central government employees, including a DA hike and the release of 18-month arrears. Reports suggest these gifts could result in a substantial salary increase.

कौन सा वो सेक्टर जिसमें चुनाव से पहले दिखेगी जबरदस्त तेज़ी और इसका सबसे ज्यादा फायदा उठाएगी वो कौन सी इकलौती कंपनी जानते हैं स्वाति खंडेलवाल की #Exclusive ख़बर में।

@AnilSinghviZEE @SwatiKJain @dkalra81 pic.twitter.com/8UwgM0252E
— Zee Business (@ZeeBusiness) January 4, 2019

Understanding Dearness Allowance and Dearness Relief

Dearness allowance (DA) is a salary component intended to mitigate the impact of inflation for government employees. The Central government revises the DA twice a year, in January and July, adjusting the effective salary to cope with rising inflation.

Latest DA and DR for Govt Employees

The recent DA for Central Government employees and Dearness Relief (DR) for Central Government pensioners increased from 42% to 46%, applicable from July 1, 2023.

Also Read: UP and West Bengal Government Employees Get DA Hike

Unlock Your TAN: Simple Steps to Verify Your TAN Online

TheNewsay Staff — Thu, 08 Feb 2024 22:25:00 +0000

Simple Steps To Verify Your TAN Online in 2024: TAN, short for Tax Deduction and Collection Account Number, is a 10-digit alphanumeric code issued by the Income Tax Department. It is crucial for those involved in tax collection or deduction at the source (TCS and TDS). Individuals responsible for deducting TDS or collecting TCS must have a TAN.

Simple Steps To Verify Your TAN Online in 2024

Obtaining a TAN is mandatory for filing TCS, TDS, or any other income tax returns. Failing to provide the TAN during tax return filing can lead to penalties. Hence, it is vital to apply for your Tax Deduction and Collection Account Number promptly. Below you will know more about the Simple Steps To Verify Your TAN Online in 2024.

Photo: Pixabay

Steps to Know Your TAN

Step 1: Visit the ‘e-Filing’ Portal at https://www.incometax.gov.in/iec/foportal.

Step 2: Click on ‘Know Your TAN’ in the ‘Quick Links’ section.

Step 3: Choose TAN search based on Name or TAN.

Step 4: Select the ‘Category of Deductor’ and ‘State’ from the dropdown (if applicable).

Step 5: Enter the ‘Name’ or ‘TAN’ and provide the ‘Mobile Number.’

Step 6: Click ‘Continue’ to receive the OTP on the entered mobile number.

Step 7: Enter the OTP and click ‘Validate’ to view the TAN details.

How to Apply for TAN?

There are 2 ways to apply for TAN:

#1. Offline: Fill out Form 49B in duplicate and submit it to any TIN-FC. TIN FC addresses can be found on the Protean (formerly NSDL eGov) TIN website.

#2. Online: Apply for TAN online through the Protean (formerly NSDL eGov) TIN website.

Who Can Apply for TAN?

Anyone paying salaries or commissions to others needs a TAN. This includes central or state governments, local authorities, statutory or autonomous bodies, companies, branches, divisions, individuals, Hindu Undivided Families (HUFs), sole proprietors, firms, associations of persons, or trusts.

Also Read: Simple Steps To Verify Your TAN Online in 2024

Nokia Plans Global Layoffs, Cutting Over 11,000 Jobs Amid Operational Changes

TheNewsay Staff — Wed, 07 Feb 2024 12:16:00 +0000

Nokia Plans Global Layoffs Cutting Over 11000 Jobs Amid Operational Changes. Nokia is set to implement a significant workforce reduction, with 11,000 to 14,000 jobs being cut as part of its ongoing global restructuring plan announced last year.

As part of the organizational changes, Tarun Chhabra, previously the head of mobile networks and senior vice president, has been appointed as the new head of Nokia in India.

Nokia Plans Global Layoffs Cutting Over 11000: Restructuring

The restructuring efforts also involve streamlining functions like sales and marketing, leading to a reduction of 11,000 to 14,000 jobs globally, aligning with the company’s initiative to decrease its workforce, according to a Moneycontrol report.

Also Read: Nokia Plans Global Layoffs Cutting Over 11000

Sanjay Malik, the senior vice president, will remain with the company until March 31, 2024, with Chhabra taking over his position. Malik, who has been leading Indian market operations for nearly eight years, was part of India’s global customer experience or sales vertical.

Chhabra will have a dual role, reporting to Tommi Uitto, President of Mobile Networks at Nokia. He will oversee the Indian market and take responsibility for the mobile networks group’s India business. Nokia India confirmed Chhabra’s appointment as the new country head, effective April 2024.

Nokia implemented strategic and operational changes last year, granting increased autonomy to business groups globally, embedding sales teams, and resetting the cost base to ensure profitability amid market uncertainties.

In the December quarter, the company faced a 33% decline in net sales in the Indian region, totalling 379 million euros for the October-December period of 2023. The reduction in 5G deployments by Indian telecom operators played a significant role in Nokia’s sales decline.

Also Read: Nokia Plans Global Layoffs Cutting Over 11000