Hi, Please anyone send HRA excluded in EPF amendment gazette notification. (Old Amendment) Thanks Regards P Loganathan
From India, Chennai
From India, Chennai
HRA has been excluded in the Definition itself.
Pls refer to the following definition;
(b) “basic wages” means all emoluments which are earned by an employee while on duty or 4[on leave or on holidays with wages in either case] in accordance with the terms of the contract of employment and which are paid or payable in cash to him, but does not include—
(i) the cash value of any food concession;
(ii) any dearness allowance (that is to say, all cash payments by whatever name called paid to an employee on account of a rise in the cost of living), house-rent allowance, overtime allowance, bonus commission or any other similar allowance payable to the employee in respect of his employment or of work done in such employment;
(iii) any presents made by the employer;
From India, Bangalore
17Pls refer to the following definition;
(b) “basic wages” means all emoluments which are earned by an employee while on duty or 4[on leave or on holidays with wages in either case] in accordance with the terms of the contract of employment and which are paid or payable in cash to him, but does not include—
(i) the cash value of any food concession;
(ii) any dearness allowance (that is to say, all cash payments by whatever name called paid to an employee on account of a rise in the cost of living), house-rent allowance, overtime allowance, bonus commission or any other similar allowance payable to the employee in respect of his employment or of work done in such employment;
(iii) any presents made by the employer;
From India, Bangalore
Hi,
As per the Employees' Provident Funds Scheme, 1952 (Scheme), contributions payable by an employee must be at the rate of 12% of the basic wages.
As per Section 2(b) of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (Act), 'basic wages' mean all emoluments which are earned by an employee in accordance with the terms of the contract of employment and which are paid, or payable in cash to such employee. The basic wages, however, do not include: (i) the cash value of any food concession; (ii) any dearness allowance, house-rent allowance, overtime allowance, bonus, commission, or any other similar allowance payable to the employer in respect of his employment or of work done in such employment; and (iii) any presents made by the employer.
From India, Madras
As per the Employees' Provident Funds Scheme, 1952 (Scheme), contributions payable by an employee must be at the rate of 12% of the basic wages.
As per Section 2(b) of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (Act), 'basic wages' mean all emoluments which are earned by an employee in accordance with the terms of the contract of employment and which are paid, or payable in cash to such employee. The basic wages, however, do not include: (i) the cash value of any food concession; (ii) any dearness allowance, house-rent allowance, overtime allowance, bonus, commission, or any other similar allowance payable to the employer in respect of his employment or of work done in such employment; and (iii) any presents made by the employer.
From India, Madras
Hi sir,
Could someone please clarify why some companies deduct EPF from basic salary + DA, while others deduct it from all salary components excluding HRA? My question is regarding the correct process as per the government gazette.
Regards,
P Loganathan - HR
From India, Chennai
Could someone please clarify why some companies deduct EPF from basic salary + DA, while others deduct it from all salary components excluding HRA? My question is regarding the correct process as per the government gazette.
Regards,
P Loganathan - HR
From India, Chennai
Hi
If Basic+DA is equal to or above PF wage ceiling of Rs.15000/- then no need to consider other components of Gross excluding HRA for PF deduction. Hence for such cases only Basic+DA is considered for PF deduction.
Also Employee and Employer on mutual consent can contribute to PF on actual Basic+DA even if the total exceeds Rs.15000/-.
From India, Madras
If Basic+DA is equal to or above PF wage ceiling of Rs.15000/- then no need to consider other components of Gross excluding HRA for PF deduction. Hence for such cases only Basic+DA is considered for PF deduction.
Also Employee and Employer on mutual consent can contribute to PF on actual Basic+DA even if the total exceeds Rs.15000/-.
From India, Madras
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EPF New Amendment.pdf