1.What is the definition of pay in provident fund 2.How much % from our salary we can contribute for voluntary pf.
From India, Hyderabad
1From India, Hyderabad
For query 1 pl read explanation to para 2(f) of Provident Fund Scheme. There is no limit for voluntary contribution. Varghese Mathew
From India, Thiruvananthapuram
From India, Thiruvananthapuram
Hi Hema Latha,
Voluntary Provident Fund (VPF):
Voluntary provident fund or VPF is an extension of your Employee’s provident fund (EPF).
It is a safe option wherein you can contribute more than the PF ceiling of 12% that has been mandated by the government. This additional amount enjoys all the benefits of PF except that the employer is not liable to contribute any extra amount apart from 12%. The biggest advantage of a VPF account is that investments in it are made from your pre-tax income. Please note that the maximum contribution towards VPF is 100% of your Basic + DA. It is eligible for deduction under Section 80C of the Income Tax Act, subject to a maximum of Rs1 lakh.
Refer EPF Scheme, 1952 para 29 (2 Point)
Regards,
Narayan
From India, Hyderabad
Voluntary Provident Fund (VPF):
Voluntary provident fund or VPF is an extension of your Employee’s provident fund (EPF).
It is a safe option wherein you can contribute more than the PF ceiling of 12% that has been mandated by the government. This additional amount enjoys all the benefits of PF except that the employer is not liable to contribute any extra amount apart from 12%. The biggest advantage of a VPF account is that investments in it are made from your pre-tax income. Please note that the maximum contribution towards VPF is 100% of your Basic + DA. It is eligible for deduction under Section 80C of the Income Tax Act, subject to a maximum of Rs1 lakh.
Refer EPF Scheme, 1952 para 29 (2 Point)
Regards,
Narayan
From India, Hyderabad
Hi hema,
1.PF is compulsory contribute fund for future of an employee after his retirement or for his dependents in case of early death.
2.PF is contributed from both the sides of 12% of basic salary.This Contribution for the purpose of Employee's pension scheme of 8.33% of(12% of employers contribution towards PF will be transferredto employee's pension scheme .
From India, Coimbatore
1.PF is compulsory contribute fund for future of an employee after his retirement or for his dependents in case of early death.
2.PF is contributed from both the sides of 12% of basic salary.This Contribution for the purpose of Employee's pension scheme of 8.33% of(12% of employers contribution towards PF will be transferredto employee's pension scheme .
From India, Coimbatore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Definition of wage.pdf
Definition of position and grade2007 a.xls