Hellow Guys, I am newly appointed HR in construction Company, & also fresher, I am confuse about Provident Fund, So, can any one help me on PF..???
From India, Ahmadabad
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1From India, Ahmadabad
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Hi Ankit, what confusion do you have regarding PF?
Any employee with a salary less than 6500 is compulsorily enrolled in the PF scheme. An employee with a salary higher than 6500 can also join the PF scheme, but it is not mandatory.
The rate of contribution for the employer is 12% of basic + DA, while the employee's contribution rate is 12%. The employee can contribute more if they wish, up to a maximum of 85%.
Employer's Contribution Details:
- Pension Fund: 8.33%
- Provident Fund: 3.67%
- Employee Deposit Linked Insurance: 0.5%
- Administrative Charges for PF Scheme: 1.10%
- Administrative Charges for EDLI Scheme: 0.01%
For further details, you can browse the previous post to find ample material.
From India, Hyderabad
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Any employee with a salary less than 6500 is compulsorily enrolled in the PF scheme. An employee with a salary higher than 6500 can also join the PF scheme, but it is not mandatory.
The rate of contribution for the employer is 12% of basic + DA, while the employee's contribution rate is 12%. The employee can contribute more if they wish, up to a maximum of 85%.
Employer's Contribution Details:
- Pension Fund: 8.33%
- Provident Fund: 3.67%
- Employee Deposit Linked Insurance: 0.5%
- Administrative Charges for PF Scheme: 1.10%
- Administrative Charges for EDLI Scheme: 0.01%
For further details, you can browse the previous post to find ample material.
From India, Hyderabad
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Provident Fund - Excluded Employee - Definition.pdf
Latest amendment in Provident fund scheme.doc