Dear Sir/Madam,
Please be informed that in our company, we are paying a 12% employer contribution to EPF members' accounts irrespective of the basic amount. Now, the question pertains to changes in the EPF Act effective September 1st, 2014.
According to the amendment in September 2014, employees receiving a basic salary exceeding 15,000/- and if it's their first-time employment are not eligible to receive the EPS contribution from the employer's portion. The full 12% contribution must be remitted to Account No. 1.
However, we have made a mistake and not followed the rules. This means we have remitted the EPS amount for all employees.
Kindly suggest how we can correct this now.
From India, Bengaluru
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1Please be informed that in our company, we are paying a 12% employer contribution to EPF members' accounts irrespective of the basic amount. Now, the question pertains to changes in the EPF Act effective September 1st, 2014.
According to the amendment in September 2014, employees receiving a basic salary exceeding 15,000/- and if it's their first-time employment are not eligible to receive the EPS contribution from the employer's portion. The full 12% contribution must be remitted to Account No. 1.
However, we have made a mistake and not followed the rules. This means we have remitted the EPS amount for all employees.
Kindly suggest how we can correct this now.
From India, Bengaluru
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This can be corrected from the PF Office. Normally, such wrong contributions will be corrected automatically by the system itself. But, you can personally visit the PF Office and get it corrected.
From India, Kannur
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From India, Kannur
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