I am working in a public sector bank. The PF funds are managed by our trust. For the financial years 2008-09 & 2009-10, the trust has provided interest at 8% & 8.25% annually. This is less than the interest rate of 8.5% declared by the Central Govt for the corresponding years.
My questions are:
1. Does the trust have to provide a minimum interest rate declared by the C.G.?
2. Is the employer mandated to cover the shortfall if the returns from PF investments do not meet the interest rate declared by the C.G.?
3. What is the frequency at which the interest is to be credited to members' accounts; annually or half-yearly?
4. Are any returns filed by the trust regarding this disclosure to the Regional PF Commissioner or any other Government Authority?
From India, Ahmadabad
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My questions are:
1. Does the trust have to provide a minimum interest rate declared by the C.G.?
2. Is the employer mandated to cover the shortfall if the returns from PF investments do not meet the interest rate declared by the C.G.?
3. What is the frequency at which the interest is to be credited to members' accounts; annually or half-yearly?
4. Are any returns filed by the trust regarding this disclosure to the Regional PF Commissioner or any other Government Authority?
From India, Ahmadabad
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Hi sir, this is Moeen from Lucknow. I am already working on PF and ESI tasks on a contractual basis in Kanpur as well as in Unnao. If you are interested, I can also handle yours. Here is my contact number: 9125790070 or 7398274354. Feel free to reach out for further discussion.
From India, Lucknow
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From India, Lucknow
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Hi Sir,
I am working in a construction firm that takes government civil maintenance contracts (tenders). We are using temporary labor for various civil-related works and make payments as per their policy, i.e., in Sqfts, rft, Lump-sum, job bases, Item numbers, etc. However, the labor contractor/labor denies and refuses to deduct their PF contribution and is ready to provide in writing the same with the rate list/quotation.
So, my concern is whether the document given by the labor contractor/labor is valid or not. If yes, what should be the right format, and if no, then what is the solution? We have contacted many laborers, and the answer is the same (not to deduct PF).
From India, Nashik
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I am working in a construction firm that takes government civil maintenance contracts (tenders). We are using temporary labor for various civil-related works and make payments as per their policy, i.e., in Sqfts, rft, Lump-sum, job bases, Item numbers, etc. However, the labor contractor/labor denies and refuses to deduct their PF contribution and is ready to provide in writing the same with the rate list/quotation.
So, my concern is whether the document given by the labor contractor/labor is valid or not. If yes, what should be the right format, and if no, then what is the solution? We have contacted many laborers, and the answer is the same (not to deduct PF).
From India, Nashik
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It is obvious that subcontractors or workers may not let their revenue be reduced by means of a statutory deduction. Therefore, the rate quoted by you to the government should be such that includes these kinds of contributions payable by you. It is okay if you do not have PF and ESI coverage, but in case you are covered, it becomes your responsibility to take care of these and pay the contributions from your revenue.
Madhu.T.K
From India, Kannur
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4482Madhu.T.K
From India, Kannur
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