Benefit Administration is the process of creating, managing and updating an organization's employee benefits program. Benefits administration typically falls under the responsibility of Human Resources and involves managing health insurance, retirement accounts, vacations, paid time off and parental leave.
The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal.
The Employees Pension Scheme of 1995 generates pension to the employees from the organized category after the age of 58. Employees with a minimum of 10 service years are eligible for the scheme. From 12% of employer's contribution to EPF, 8.33% goes to Employee Pension Scheme.
Employees Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. Under the scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer.
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