EPFO Interest Rate Fixed at 8.15% for FY 2022-23

The Employees Provident Fund Organisation has fixed the interest rate at 8.15% for financial year 2022-23 as per the press release. The Central Board recommended 8.15 % annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. There is a hike in the EPF account interest rate by 0.05%. Last year, the interest rate for EPF account was 8.10% for FY 2021-22.

 

Karnataka State Minimum Wages for 2023-2024 - Revised wef 1st April 2023

The Minimum Wages in Karnataka have been revised for the period of 01 April 2023 to 31 March 2024. The new rates of wages for following establishments. 

Employment in Shops and Commercial Establishments

Employment in Security Agency 

Employment in Hotels/ residential hotels, restaurants, Lodges and alied establishments

For further details- Plz visit this link

Karnataka Professional Tax

The Karnataka government simplifed the Professional Tax Act by amending the law.

Karnataka goverment has amended professional tax exemption limit has been increased from Rs 15,000 to Rs 25,000 in order to provide relief to the lower income class. 

This includes both salaried or wage-earning employees.