Hello All,
Wondering if you could help me in with a clarification with regards to EPF contributions for an IW.
Any government links is deeply appreciated
1. What are the mandatory contributions that an IW should make? And the same for an employer?
2. Online forums indicate it as 12% - what is the actual value ?
3. is this 12% of the overall pay (including all allowances) or only basic and DA. For e.g. if CTC is 10000 (with Basic - 5000, DA - 1000, other allowances - 4000 ) what should be PF contributions by both IW employee and employer?
4. Is the employer contribution a part of the employee salary? If yes, that effectively means 24% from the employee's pocket is locked into PF
5. When can this amount be withdrawn?
Any government links is deeply appreciated
Looking forward to hear a response
Thanks in advance!
Regards
Wondering if you could help me in with a clarification with regards to EPF contributions for an IW.
Any government links is deeply appreciated
1. What are the mandatory contributions that an IW should make? And the same for an employer?
2. Online forums indicate it as 12% - what is the actual value ?
3. is this 12% of the overall pay (including all allowances) or only basic and DA. For e.g. if CTC is 10000 (with Basic - 5000, DA - 1000, other allowances - 4000 ) what should be PF contributions by both IW employee and employer?
4. Is the employer contribution a part of the employee salary? If yes, that effectively means 24% from the employee's pocket is locked into PF
5. When can this amount be withdrawn?
Any government links is deeply appreciated
Looking forward to hear a response
Thanks in advance!
Regards