Dear Sir,
I want to know that can any person be exempt from EPF whose Basic salary is above Rs. 6500/-. If yes, then from when this rule has implemented.
Thanks & Regards,
GAUTAM KUMAR
MOB: +91 9709965397
From India, Delhi
2I want to know that can any person be exempt from EPF whose Basic salary is above Rs. 6500/-. If yes, then from when this rule has implemented.
Thanks & Regards,
GAUTAM KUMAR
MOB: +91 9709965397
From India, Delhi
Currently the ceiling of salary for PF deduction is Rs.6500/- Those who are drawing more than 6500/-
ceiling ccould be restricted to 6500/-. But if the company so desires, they can deduct PF for
above 6500/-, as it will be a benefit to employees.
Now it is also likely that ceiling for PF shall be increased to 15000/-.
Thanks.
R K Nair
From India, Aizawl
ceiling ccould be restricted to 6500/-. But if the company so desires, they can deduct PF for
above 6500/-, as it will be a benefit to employees.
Now it is also likely that ceiling for PF shall be increased to 15000/-.
Thanks.
R K Nair
From India, Aizawl
If the employee drawing salary above Rs 6500/-pm is already a PF member in his earlier Co,he cannot be exempted.
From India, Thiruvananthapuram
From India, Thiruvananthapuram
If you appoint freshers those salary is above Rs.6500/-(they should not be member in PF previously),then only exemption from pf with regards V.Subbarao
From India, Madras
From India, Madras
Dear Goutham, You can exempt the employee whose salary is above Rs.6500/- Per month.Pl go through contents of exemptions under EPF Act -1952.
From India, Chennai
From India, Chennai
An employee joining with Basic above Rs.6500/- and in his last organisation if he was not a PF subscriber, then only he can be exempted with PF.
At the same time the employer will make the employee signed in Form 11 during the joining time.
Regards,
Mohammad Akram.
From India, Bhubaneswar
At the same time the employer will make the employee signed in Form 11 during the joining time.
Regards,
Mohammad Akram.
From India, Bhubaneswar
Such employee shall not be treated as exempted but shall be treated as "Excluded Employee" under PF Scheme, please see below definition.
(f) “excluded employee” means—
2[(i) an employee who, having been a member of the Fund, withdrew
the full amount of his accumulations in the Fund under 3[clause (a)
or (c) of] sub-paragraph (1) of paragraph (69);]
4[(ii) an employee whose pay at the time he is otherwise entitled to
become a member of the Fund, exceeds 5[six thousand and five
hundred rupees] per month;
Explanation.—‘Pay’ includes basic wages with dearness allowance,
6[retaining allowance (if any)] and cash value of food concessions]
admissible thereon;]
so it is clear, that employee can only be treated a excluded if either he is fresher and have more than Rs 6500/- monthly pay or he has withdrawan all the amount accumulated in his PF account earlier in accordance with para 69 of scheme.
but if any employee who has been a member of PF fune than he shall always be member untill and unless he settled his due/account in terms of para 69, the same is been prescribed by para 26 of scheme as retaintion of members ship.
(f) “excluded employee” means—
2[(i) an employee who, having been a member of the Fund, withdrew
the full amount of his accumulations in the Fund under 3[clause (a)
or (c) of] sub-paragraph (1) of paragraph (69);]
4[(ii) an employee whose pay at the time he is otherwise entitled to
become a member of the Fund, exceeds 5[six thousand and five
hundred rupees] per month;
Explanation.—‘Pay’ includes basic wages with dearness allowance,
6[retaining allowance (if any)] and cash value of food concessions]
admissible thereon;]
so it is clear, that employee can only be treated a excluded if either he is fresher and have more than Rs 6500/- monthly pay or he has withdrawan all the amount accumulated in his PF account earlier in accordance with para 69 of scheme.
but if any employee who has been a member of PF fune than he shall always be member untill and unless he settled his due/account in terms of para 69, the same is been prescribed by para 26 of scheme as retaintion of members ship.
As per law, Employer contribution will be 12%. (PF)
Bifurcation:-
8.33% ------- Pension fund. (Calculation on Rs 6500. So maximum will be Rs 541 per month).
3.67% -------- Provident fund (On Basic + DA of employee's salary).
If suppose, employee basic + DA is more than Rs 6500, Eg. Rs 10,000 than contribution to Pension fund will be Rs 541 than adjusted amount will be transfer to Provident fund amount which will be 659.
From India, Hyderabad
Bifurcation:-
8.33% ------- Pension fund. (Calculation on Rs 6500. So maximum will be Rs 541 per month).
3.67% -------- Provident fund (On Basic + DA of employee's salary).
If suppose, employee basic + DA is more than Rs 6500, Eg. Rs 10,000 than contribution to Pension fund will be Rs 541 than adjusted amount will be transfer to Provident fund amount which will be 659.
From India, Hyderabad
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