Hi, Can anyone send me the detailed Provident Fund and Bonus Scheme which is must to follow for all the organization. Its urgent. Regards NEHA
From India, Lucknow
3From India, Lucknow
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Dear Neha, Pls type provident fund and bonus in the Search Tab of the Forum...you will get loads of info already posted here...(on other labor laws also) Cheers :P Cheenu
From India, Delhi
From India, Delhi
Hi,
PF is calculated on basic
i.e if salary is 5000 and basic is 3000 so PF should be 3000 X 12% = 360 (Is deducted from both employer as well as employee.
Bonus depends on Management
IT may vary from company to company.
some company may have bonus of 1 month salary some may have 1.5 months salary.
From India, Mumbai
PF is calculated on basic
i.e if salary is 5000 and basic is 3000 so PF should be 3000 X 12% = 360 (Is deducted from both employer as well as employee.
Bonus depends on Management
IT may vary from company to company.
some company may have bonus of 1 month salary some may have 1.5 months salary.
From India, Mumbai
Hi
Neha
P F is depending upon Basic+D A.
Both E.Yr & E.yee should contribute 12% on Basic+DA towards PF.
Out of 12% of employers share
8.33% will goes to Employee Pension Scheem(EPS-16/11/95)
&
Remaining 3.67% will goes to Employee Provident Fund
under EPF(M&P) Act,1952
Total 12% of employees share will goes to EPF
under EPF(M&P) Act,1952.
First u should take PF Nomination Form( Form-2) for each employee & then The above procedure will follows Through Diff. Forms.
About bBonus- That those E.yees Drawing Less than Rs3,500/- are eligible for bonus under Payment of Bonus Act,1965 & they were Eligible to draw 8.33%(Basic+DA ) minimum & 20%(Basic+DA ) Maximum subjected to your copmany's profits(Allocable Surplus).
& Those who r drawing more Than Rs3,500/-, for them it is called
Ex-gratia or PLP subjected to your Company Policies.
Further inquaries u may send mails to citehr are to
Regds.
Rajesh-Trainee HR 8)
Neha
P F is depending upon Basic+D A.
Both E.Yr & E.yee should contribute 12% on Basic+DA towards PF.
Out of 12% of employers share
8.33% will goes to Employee Pension Scheem(EPS-16/11/95)
&
Remaining 3.67% will goes to Employee Provident Fund
under EPF(M&P) Act,1952
Total 12% of employees share will goes to EPF
under EPF(M&P) Act,1952.
First u should take PF Nomination Form( Form-2) for each employee & then The above procedure will follows Through Diff. Forms.
About bBonus- That those E.yees Drawing Less than Rs3,500/- are eligible for bonus under Payment of Bonus Act,1965 & they were Eligible to draw 8.33%(Basic+DA ) minimum & 20%(Basic+DA ) Maximum subjected to your copmany's profits(Allocable Surplus).
& Those who r drawing more Than Rs3,500/-, for them it is called
Ex-gratia or PLP subjected to your Company Policies.
Further inquaries u may send mails to citehr are to
Regds.
Rajesh-Trainee HR 8)
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