Dear All, Can the Employees' Pension Scheme (EPS) be deducted from the salary of Board of Directors?
From India, Kolkata
From India, Kolkata
Dear Saiyad, EPS can be part of your CTC but cannot be deducted from any employee salary it has to be contributed as employer contribution only.
No contribution to Pension fund is deducted from the salary of any person.It is paid by employer.
From India, Thiruvananthapuram
From India, Thiruvananthapuram
Dear Saiyad Waseem,
If the Board of Directors are Members of Provident Fund, you must be deducting Provident Fund Contributions from their remunerations. And if so, naturally you are paying matching employer's contribution to PF.
The employer's contribution which you pay on behalf the employees, takes care of Employees Family Pension part which is maximum 8.33% of Rs.15,000/- i.e. Rs.1,250/- and rest amount credited to employees PF account.
Regards,
Suresh
From India, Thane
If the Board of Directors are Members of Provident Fund, you must be deducting Provident Fund Contributions from their remunerations. And if so, naturally you are paying matching employer's contribution to PF.
The employer's contribution which you pay on behalf the employees, takes care of Employees Family Pension part which is maximum 8.33% of Rs.15,000/- i.e. Rs.1,250/- and rest amount credited to employees PF account.
Regards,
Suresh
From India, Thane
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