Hi, I am working in a company which is very small around 300 odd employee. now the management is not having any policy and nothing is in place as HR is concern.
would like to know if we deduct min PF i.e 768 (correct me if i m wrong) what will be the employee contribution in this as the basic will be not counted in it.
not: 1)only min for name sake PF withdraw from employee salary
2) what will be employer contribution ?
From India, Gurgaon
would like to know if we deduct min PF i.e 768 (correct me if i m wrong) what will be the employee contribution in this as the basic will be not counted in it.
not: 1)only min for name sake PF withdraw from employee salary
2) what will be employer contribution ?
From India, Gurgaon
You are having the strength of 300 employees. But you don't have the PF Registration done. Immediately go to the Regional PF Office of your region and approach the enforcement officer. Whatever the salary of employee, consider their basic pay as Rs.6500/- and start deducting the PF and remitting the same after obtaining the PF Regn Code for your company.
Please refer the Employees Provident Fund Act, which is available in this site and proceed accordingly.
From India, Kumbakonam
1168Please refer the Employees Provident Fund Act, which is available in this site and proceed accordingly.
From India, Kumbakonam
Total Provident Fund Contribution is 25.61% (Rs.1664.65/-) for Max of Rs.6500/- as BASIC+ DA
----------------------------------------------------------------------
By Employee (Rule 10): Purpose % in Rs
PF is 12% ie., 780./-
Total: 12% ie., 780./-
---------------------------------------------------------------------
By Employer (Rule 11): Purpose % in Rs
Provident Fund is 3.67% ie., Rs.238.55./-
Pension Fund is 8.33% ie., Rs.541.45./-
PF admin charge is 1.10% ie., Rs.71.5./-
EDLIS is 0.50% ie., Rs.32.5./-
EDLIS admin charge is 0.01% ie., 0.65
Total: 13.61% is Rs.884.65./-
----------------------------------------------------------
Grand Total: 12%+13.61% = 25.61%
780+888.65 = Rs.1664.65./-
From India, Chennai
----------------------------------------------------------------------
By Employee (Rule 10): Purpose % in Rs
PF is 12% ie., 780./-
Total: 12% ie., 780./-
---------------------------------------------------------------------
By Employer (Rule 11): Purpose % in Rs
Provident Fund is 3.67% ie., Rs.238.55./-
Pension Fund is 8.33% ie., Rs.541.45./-
PF admin charge is 1.10% ie., Rs.71.5./-
EDLIS is 0.50% ie., Rs.32.5./-
EDLIS admin charge is 0.01% ie., 0.65
Total: 13.61% is Rs.884.65./-
----------------------------------------------------------
Grand Total: 12%+13.61% = 25.61%
780+888.65 = Rs.1664.65./-
From India, Chennai
From 22-9-1997 all the establishments employing 20 or more persons are brought under the purview of the Act from the very date of set up subject to fulfillment of other conditions .
The Act does not apply to certain establishments as specified under Section 16 of the Act. Please check up with the Act and see if your establishment comes under the purview of the EPF Act. Most establishments come under the purview. .
Presently an employee at the time of joining the employment and getting wages upto Rs.6500/- is required to become a member. Now an employee is eligible for membership of fund from the very first date of joining a covered establishment.
Rate of Contribution at present is 12% by employer + 0.5% towards E.D.L.I. contribution and 1.15% towards administrative charges.
The employee has to contribute 12% separately. It can be deducted from the employee's wages.
Since you say that your company started some three years back, you may perhaps have to pay the arrears subscription for the back period, which may be huge amount because, it will include interest and damages charged. Please consult a proper adviser to avoid huge payments.
From India, Madras
The Act does not apply to certain establishments as specified under Section 16 of the Act. Please check up with the Act and see if your establishment comes under the purview of the EPF Act. Most establishments come under the purview. .
Presently an employee at the time of joining the employment and getting wages upto Rs.6500/- is required to become a member. Now an employee is eligible for membership of fund from the very first date of joining a covered establishment.
Rate of Contribution at present is 12% by employer + 0.5% towards E.D.L.I. contribution and 1.15% towards administrative charges.
The employee has to contribute 12% separately. It can be deducted from the employee's wages.
Since you say that your company started some three years back, you may perhaps have to pay the arrears subscription for the back period, which may be huge amount because, it will include interest and damages charged. Please consult a proper adviser to avoid huge payments.
From India, Madras
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PF WORKING-MASTER SUMMARY.xls