Budget 2018 Increases the Take Home Salary for Women
Feb 06, 2018 Real Estate News
On Thursday, morning Finance Minister gave India’s Budget for 2018. The most notable point was the efforts that the Budget offers towards the women this year. The budget made sure that the women saved and took more salary home this year.
In recent years, the number of women earning equal or more than their spouse has increased from 21.2 percent to 42.8 percent. This is a remarkable improvement and just shows how much the country is progressing.
Arun Jaitley proposed to make amendments in the current Employee Provident Fund and Miscellaneous Provisions Act, 1952, to reduce the women employee’s contribution to 8 percent for first three years of their employment, against the existing rate of 12 percent or 10 percent without any change in the employers’ contribution. This will help to incentivise the employment of women more in the formal sector and enable higher take- home salary.
How does it affect?
Currently, for a woman earning Rs 50,000 as monthly salary, Rs 6,000 goes to their PF account directly under the current norms. With the help of prospered norms, the contribution to the EPF account will reduce to Rs 4,000 per month. This will help women take home more salaries which will help in paying mortgage and EMI as if it often seen that the women as co-applicants of the EMIs and debts.
This years’ budget kept the tax slabs similar, this proposed change is something for women to cheer for.
Things that the Centre plans to make changes for women:
1.Ministry’s share: the Budget has set aside Rs 24,700 crore for the ministry of women and child development for next financial year. For this year, Rs 16,334 crore has been set aside for Anganwadi services.
2.Safety and security: fund of Rs 500 crore will be transferred to Nirbhaya Fund, which has been set up to ensure the women safety. The total amount of the fund will increase to Rs 3,500 crore.
3.Save the girl child: Beti bacha beti padhao scheme has been allocated Rs 280 crore.
4.Mother care: Amount of Rs 2,400 crore has been allocating to Pradhan Mantri Matru Vandana Yojana which will pay Rs 6000 to every pregnant and lactating mother to cover their wage losses.
5.Lightening up: the government plans to provide free LPG connections to 80 million women of the country that are below the poverty line.
To sum up, this year’s budget did come up with groundbreaking steps for women which can help in long run.
In recent years, the number of women earning equal or more than their spouse has increased from 21.2 percent to 42.8 percent. This is a remarkable improvement and just shows how much the country is progressing.
Arun Jaitley proposed to make amendments in the current Employee Provident Fund and Miscellaneous Provisions Act, 1952, to reduce the women employee’s contribution to 8 percent for first three years of their employment, against the existing rate of 12 percent or 10 percent without any change in the employers’ contribution. This will help to incentivise the employment of women more in the formal sector and enable higher take- home salary.
How does it affect?
Currently, for a woman earning Rs 50,000 as monthly salary, Rs 6,000 goes to their PF account directly under the current norms. With the help of prospered norms, the contribution to the EPF account will reduce to Rs 4,000 per month. This will help women take home more salaries which will help in paying mortgage and EMI as if it often seen that the women as co-applicants of the EMIs and debts.
This years’ budget kept the tax slabs similar, this proposed change is something for women to cheer for.
Things that the Centre plans to make changes for women:
1.Ministry’s share: the Budget has set aside Rs 24,700 crore for the ministry of women and child development for next financial year. For this year, Rs 16,334 crore has been set aside for Anganwadi services.
2.Safety and security: fund of Rs 500 crore will be transferred to Nirbhaya Fund, which has been set up to ensure the women safety. The total amount of the fund will increase to Rs 3,500 crore.
3.Save the girl child: Beti bacha beti padhao scheme has been allocated Rs 280 crore.
4.Mother care: Amount of Rs 2,400 crore has been allocating to Pradhan Mantri Matru Vandana Yojana which will pay Rs 6000 to every pregnant and lactating mother to cover their wage losses.
5.Lightening up: the government plans to provide free LPG connections to 80 million women of the country that are below the poverty line.
To sum up, this year’s budget did come up with groundbreaking steps for women which can help in long run.
