Dear Pragati
If the Salary fixed for Rs.6500/- per month, then the 12% (Rs.780) of Basic will be deducted as Employee PF and 8.33% of employer share will be remitted to Pension Scheme and at the time of superannuation Government also will contribute maximum of Rs.541/- i.e., equivalent to 8.33% of EPS. and the balance amount 3.67% will be added with PF contribution as employer share or the amount left after remitting Rs.541/- or 8.33% will be added.
From India, Kumbakonam
1168If the Salary fixed for Rs.6500/- per month, then the 12% (Rs.780) of Basic will be deducted as Employee PF and 8.33% of employer share will be remitted to Pension Scheme and at the time of superannuation Government also will contribute maximum of Rs.541/- i.e., equivalent to 8.33% of EPS. and the balance amount 3.67% will be added with PF contribution as employer share or the amount left after remitting Rs.541/- or 8.33% will be added.
From India, Kumbakonam
Towards EPS employer contribution is @ 8.33%, i.e for a salary of Rs. 6500, contribution to EPS is Rs. 541.
but the contribution by Government will be @ 1.16%, i.e for a salary of Rs. 6500, contribution to EPS is Rs. 75.
Abbas.P.S
From India, Bangalore
but the contribution by Government will be @ 1.16%, i.e for a salary of Rs. 6500, contribution to EPS is Rs. 75.
Abbas.P.S
From India, Bangalore
The ceiling salary for EPF is Rs. 6500. i.e. Statutory obligation is to contribute upto this limit and 12% of the above salary is Rs. 780. But if the employer and employee wish, contribution can be on actual salary in excess of Rs. 6500.
Abbas.P.S
From India, Bangalore
Abbas.P.S
From India, Bangalore
It cannot be fixed like that Neha
your basic pay whatever they might have fixed will derive the PF to Rs.288/- that's it, i.e., Rs.2400/-pm is fixed as Basic Salary for all you people in your company.
I hope in your organisation, Increment and other benefits will be shown as some allowance.
From India, Kumbakonam
your basic pay whatever they might have fixed will derive the PF to Rs.288/- that's it, i.e., Rs.2400/-pm is fixed as Basic Salary for all you people in your company.
I hope in your organisation, Increment and other benefits will be shown as some allowance.
From India, Kumbakonam
We refer the News of ESIC amendment in slab which was raised to a maximum slab of Rs. 15000 instead of earlier Rs. 10000 from 01.05.2010.
In this context I would like to have a suggestion to you to increase the PF slab also as the current PF slab is Rs. 6500 since long. Now due to the global financial situation it is very necessary to amend this slab because at the time of retirement at the age of 58 employee working in a private sector will get very nominal amount. It will be very hard for a person to run his family with PF amount and pension amount what he will get as per the current slab
As you are aware inflation rates are in upward trend and rates of all the necessary items has increased steeply. How can an average middle class Indian can fulfill his basic requirements from above PF amount when he retires.
I think government should change the policy and take some more effective actions keeping in mind long time inflation rate. You can understand the critical position of a person retiring at the age of 58 especially private sector employees.
Government should think about middle class family. “Poor are becoming poor day by day”
Expecting some amendments in PF slab in the new Fiscal Year
From India, Vadodara
In this context I would like to have a suggestion to you to increase the PF slab also as the current PF slab is Rs. 6500 since long. Now due to the global financial situation it is very necessary to amend this slab because at the time of retirement at the age of 58 employee working in a private sector will get very nominal amount. It will be very hard for a person to run his family with PF amount and pension amount what he will get as per the current slab
As you are aware inflation rates are in upward trend and rates of all the necessary items has increased steeply. How can an average middle class Indian can fulfill his basic requirements from above PF amount when he retires.
I think government should change the policy and take some more effective actions keeping in mind long time inflation rate. You can understand the critical position of a person retiring at the age of 58 especially private sector employees.
Government should think about middle class family. “Poor are becoming poor day by day”
Expecting some amendments in PF slab in the new Fiscal Year
From India, Vadodara
hi my organization is start from 1988 but we have not registered with pf because staff member is less than 15 but now staff member is above 20 from Sept 2010, please advice how i can applied for applies and what is procedure
From India, Mumbai
From India, Mumbai
Dear Friend,
Find out from the telephone directory or from EPFO website, the local address of EPFO office which serves the area in which your administrative office is situated. If it is in the same city, visit it personally and meet the enforcement officer. Fill in the prescribed forms meant for the employer registration, take forms to be filled by the employees concerned, get them filled and submit the same to the EPFO office. Start depositing the employee subscription and employer contribution when you get PF account no. from the EPFO office. The remittance is to be made directly by the employer in the local branch of the State Bank of India quoting employer code no. etc.
From India, Pune
Find out from the telephone directory or from EPFO website, the local address of EPFO office which serves the area in which your administrative office is situated. If it is in the same city, visit it personally and meet the enforcement officer. Fill in the prescribed forms meant for the employer registration, take forms to be filled by the employees concerned, get them filled and submit the same to the EPFO office. Start depositing the employee subscription and employer contribution when you get PF account no. from the EPFO office. The remittance is to be made directly by the employer in the local branch of the State Bank of India quoting employer code no. etc.
From India, Pune
As per the last amendment under EPF act, Rs.6500/- is Minimum basic Salary which P.F Contribution to be made from both employer's and employee's.
If a person's Basic salary is Rs.10,000/-,then company should contribute to P.F for the minimum basic salary of Rs.6500/- and this is mandatory. it is optional for the company to contribute to total Basic Salary ie. Rs.6500/-
Hence, 12% of Rs.6500/- is Rs.780 which is deducted from the employee's salary and employer will also contribute the same amount.
Regards,
G.B. Mahendra Kumar
Fortune Hub - One Stop Solution for Total HR Domain.
From India, Bangalore
If a person's Basic salary is Rs.10,000/-,then company should contribute to P.F for the minimum basic salary of Rs.6500/- and this is mandatory. it is optional for the company to contribute to total Basic Salary ie. Rs.6500/-
Hence, 12% of Rs.6500/- is Rs.780 which is deducted from the employee's salary and employer will also contribute the same amount.
Regards,
G.B. Mahendra Kumar
Fortune Hub - One Stop Solution for Total HR Domain.
From India, Bangalore
As per the last amendment under EPF act, Rs.6500/- is Minimum basic Salary which P.F Contribution to be made from both employer's and employee's.
If a person's Basic salary is Rs.10,000/-,then company should contribute to P.F for the minimum basic salary of Rs.6500/- and this is mandatory. it is optional for the company to contribute to total Basic Salary ie. Rs.6500/-
Hence, 12% of Rs.6500/- is Rs.780 which is deducted from the employee's salary and employer will also contribute the same amount.
Regards,
G.B. Mahendra Kumar
Fortune Hub - One Stop Solution for Total HR Domain
From India, Bangalore
If a person's Basic salary is Rs.10,000/-,then company should contribute to P.F for the minimum basic salary of Rs.6500/- and this is mandatory. it is optional for the company to contribute to total Basic Salary ie. Rs.6500/-
Hence, 12% of Rs.6500/- is Rs.780 which is deducted from the employee's salary and employer will also contribute the same amount.
Regards,
G.B. Mahendra Kumar
Fortune Hub - One Stop Solution for Total HR Domain
From India, Bangalore
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