By Parizad Sirwalla, Partner, Tax and Regulatory at KPMG.
The Budget is eagerly awaited by all, from ministers, industrialists to Aam Admi. Though the focus of Budget are things like expenditure towards education, health services, infrastructure, etc. Aam Admi is more interested in knowing will his disposable income increase or not. Let’s look at some of the expectations of the Aam Admi.
Four socio-economic and demographic trends are clearly discernible in India. At the societal level, the intergenerational contract is changing and with more and more neutral families, some children no longer feel the obligation to care for their parents.
Across the globe, providing income security to the country’s retired population has always been a challenge for governments.
In 1952, the Indian Government introduced a mandatory savings scheme for non-government employees known as Employees’ Provident Funds Scheme (‘EPFS’). In this scheme, employees and their employers are required to make a contribution to the Employees’ Provident Fund.