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Abhishek

Abhishek Shah  | Answer  |Ask -

HR Expert - Answered on Jan 07, 2024

Abhishek Shah is an experienced tech and HR leader. He has over 10 years of experience in helping create sustainable thriving businesses, leveraging technology and mentoring people. He founded Testlify, a talent assessment platform in 2022. He is passionate about helping founders build high-performing tech teams. ... more
Asked by Anonymous - Nov 21, 2023Hindi
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Career

I joined one private limited company as manager. Company didn't issue me appointment letter. After one month, brother of director removed me without citing any reason. He is not on any position,just brother of director. The other director lady was present at that moment. She agreed verbally. Company didn't give me reliving letter. Two months before I was terminated verbally. Since then company has not given me salary till date. No phone pickup, no reply to what's app message. I told them that I will approach labour officer. The brother replied,do what ever you can. My salary was decided Rs. 1 lakh per month.

Ans: I’d suggest you move on in life as I don’t see an intent for them to pay and you do not have sufficient documentation in place. This is a lesson for life. In future, ensure necessary documentation is in place. Focus on finding a new job (if you still don’t have one). That would be better for the long term for you and family.
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Nayagam P

Nayagam P P  |3802 Answers  |Ask -

Career Counsellor - Answered on Aug 08, 2024

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Hello, sir is it any rule or act in india government that private limited company doesn't give me joining letter or confirmation latter since 8 month to take action against company? They didnt give me any letter and they terminated so it is possible to give action against company?
Ans: Kinu,

You have NOT mentioned (a) Nature of Industry/Company you worked with (b) what was your Designation/Your Nature of Work & (c) Why you were terminated/Reasons for Termination?

To move to Labour Court, you should have an Appointment Letter (or) Pay-Slips (or) Show-cause Notice (or) Termination Letter (or) any other Document Proof like PF/ESIC Account Number (if applicable to you) etc. to prove in the Labour Court that you had been working there for 8-months. If NOT, you cannot move to Labour Court.

My suggestion (based on my Experience & having worked in HR-Administration Department in Delhi/Muscat/Chennai) :

(a) It is better to move ahead with another job without moving to Labour Court against the Company.

(b) You can move to Labour Court if you have worked for more than 3-years and have incurred a heavy financial loss of PF (if not remitted by the Company to EPFO or Gratuity (if worked for 5-or-more years) or any other dues outstanding for more than a year.

(c) As you have worked just for 8-months, it is not at all good or advisable to move to labour court for your future.

(d) To the extent possible, avoid disputes with any Company you work with, why because, when you search for jobs with another company, most of the companies conduct 'Antecedent Verification' i.e. verifying about the candidates who have applied for the job in their company. They might call the HR Department/Current Reporting Seniors to know about the candidate and/or write mail to get their feedback.

(e) Let us assume, they do not conduct any 'Antecedent Verification' and you get offer from another company. The new employer will ask for copies of documents which might include your Appointment Letter, Copy of Latest Pay-Slips, Confirmation Letter, Relieving Letter, NO Dues Certificate etc. You will have to approach your current employer for some of the documents, especially Relieving Letter.

If you had not had good relationship with the Current Employer, it will be much difficult for you to get even a Relieving Letter from the past employer(s) & join a new company. Copy of which all documents will be demanded by new employer depends upon its HR Policy/Nature of Work.

(f) Also please note, if the new employer comes to know that you had moved to Labour Court against your past employer, current employer will start enquiring about the same from you and / or from your past employer. From then, problems will start for you from the current employer also which can be (some illustrative examples): Transferring you to some other department, Laying you Off, Withdrawing Increments/Bonus etc.

In future, when you join a new company, ask for an Appointment Letter (even if it is a small company).

I hope I have clarified your doubt(s).

All the BEST for Your Bright Future.

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Milind

Milind Vadjikar  |350 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 07, 2024

Asked by Anonymous - Oct 05, 2024Hindi
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I am 41 years old........ I am earning approximately 1.7 lakh per month...... My family liability is approximately 50000 per month.......i have a liability of 10 lakh home loan for which i am paying 12500 monthly EMI.......my investment include 40000 per month in PPF, 4200 in NPS and 3 lakh invested in mutual funds......I own a house worth 70 lakh and a plot of land worth 30 lakh.......please guide me for my forther planning as i will retire at age of 54 on 2037.
Ans: Hello;

If you are sure about not using the land plot in future then I suggest you sell it and invest the proceeds into mutual funds.

So land sell proceeds(30 L) + existing corpus of 3 L if stays invested in pure equity mutual funds for next 13 years, it will yield you a corpus of 1.62 Cr.

Also I recommend you to start a monthly sip of 50 K into pure equity fund for 13 years. At the end of 13 years it may yield you a corpus of around 2.04 Cr. (A modest return of 13% is assumed for all mutual fund investments)

NPS investment will not mature till you reach 60 so I am keeping it out of our working.

Your contribution of 40 K per month to EPF+PPF(PPF contribution cannot be more then 1.5 L per person per year) will grow into a corpus of 1.1 Cr after 13 years.(A modest return of 8% is assumed)

So your comprehensive corpus in 2037 will be 1.62+2.04+1.1= 4.76 Cr.

If you buy an immediate annuity from an insurance company for your corpus of 4.76 Cr, you may expect a monthly payout of 1.66 L(post tax) considering annuity rate of 6%.

If you don't want to sell the land parcel then I recommend you to start an sip of 60 K per month for 13 years. This may yield you a corpus of 2.45 Cr after 13 years.

3 L current MF corpus will grow to 0.1469 Cr after 13 years

So your comprehensive corpus now is 2.45+1.1+0.1469=~3.70 Cr

If you buy an immediate annuity from an insurance company for your corpus of 3.7 Cr then you may expect to receive a monthly payout of 1.3 L(post tax).

Further NPS will yield you a corpus of 25.5 L at the attainment of 60 years of age.(9% return considered; hoping you will continue to contribute after your retirement at 54 age)

I am sure you have adequate term life insurance and healthcare insurance for yourself and family.

You are ready to retire at 54 as planned.

Happy Investing!!

You may follow us on X at @mars_invest for updates.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

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Radheshyam

Radheshyam Zanwar  |968 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Oct 07, 2024

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My son is doing his XII Standard in CBSE Curriculum with Maths,Physics, Chemistry and Biology as his group. He is yet to decide on what next after XII with his mind wavering between Astro Physics or Micro Biology with NEET in mind. Any guidance is welcome.
Ans: Hello Srinivasan.
I am glad to hear that your son is exploring diversified fields at this early stage. Astrophysics and Microbiology both are fascinating and rewarding paths, but they differ significantly in terms of the career options and the type of studies involved.
My suggestion for your son would be to focus only on the NEET examination at this stage. There is no need to divert the mind without any reason at this stage. After the NEET examination is over, you have ample time to discover more career options along with Astrophysics and Microbiology. The inclination toward career options of a student changes multiple times during the 11th and 12th. If he is brilliant, a hard worker, and dedicated to his studies, then set a goal of Min 650 marks in the NEET examination.
For Astrophysics: Focus on excelling in Physics and Maths in XII. He can apply to top institutions like IISc, IITs, or IISERs for B.Sc. programs.
For Microbiology: Prepare for NEET if he wants to take the medical path. Otherwise, he can explore a B.Sc. in Microbiology at a reputable university.

Best of luck for his future career and upcoming NEET examination.

If you are dissatisfied with the reply, please ask again without hesitation.
If satisfied, please like and follow me.
Thanks.

Radheshyam

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Milind

Milind Vadjikar  |350 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 07, 2024

Asked by Anonymous - Oct 07, 2024Hindi
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Money
Now I'm 43 years old, but next 5 year's I need 3cr with best mutual funds to invest and son education, marriage and my retirement, currently I have housing loan commitment. 70lakhs, how should I close my loan ASAP and I should have 3cr in my hand. Kindly help me, I'm in scary situation, I'm working in private sector 95k my take home and current home loan emi is 63k, 4500 recently started investment through groww app in parakh Parikh small fund, 12500 in PPF etc, kindly help. I'm completely in debt trap.
Ans: Hello;

General Comments:
People always delay retirement planning for later stage but this is not ok.

Because when you are young the investible surplus amount maybe less but you have the biggest resource, time on your side.

A mere 25K monthly sip can achieve 3 Cr in 20+ years

Query Specific Comments:
If you need this corpus in 5 years then you need to make a monthly sip of 3.55 Lacs Minimum to reach 3 Cr corpus in 5 yrs.(modest return of 13% considered).

Focus on improving your earning because then you can earmark larger amounts for investing towards your goals.

Also try to prepay the home loan as early as possible through EPF corpus or some asset sale.

Do not panic if you diligently pre-close the home loan you have ample time to invest and create a comfortable corpus for your goals.

Continue investing in MFs with increasing allocation, PPF to reach your goals.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

...Read more

Milind

Milind Vadjikar  |350 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 07, 2024

Asked by Anonymous - Oct 07, 2024Hindi
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Money
I am 24 years old and earn a monthly salary of Rs.65,000. I am interested in investing some of my funds for future financial security and am also planning to marry in two years. As I have no prior knowledge of investment, I would greatly appreciate guidance on this matter.
Ans: Hello;

First and foremost buy a good term life cover including riders for critical care and accident benefit.

Ensure that you can top-up the sum assured later when you grow your responsibilities after marriage.

For retirement planning you should consider investing in NPS. If your office provides it well and good but otherwise also you can open NPS account and contribute regularly for financing your retirement. It's an E-E-E type of scheme. Charges are quite low and you can decide to select allocation to the asset classes like equity, corporate debt or sovereign bonds as per your risk tolerance. It allows limited withdrawal before 60.

If you decide to contribute to NPS per month an amount of 20 K, it will grow into a corpus of 6.51 Cr by the time you are 60 years of age.(A modest return of 9% is considered)

For all other goals such as marriage, house, kid's education, car, vacation you can use mutual funds as your mode of investments.

If you do a monthly sip of say 15 K into a pure equity mutual fund then at the end of 5 years you may expect to receive a corpus of 12.72 L considering moderate return of 13%.

Happy Investing!!

You may follow us on X at @mars_invest for updates.

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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