Permission not required for deduction / contribution for salary above Rs.6,500/- however, it is mandatory to give a joint request to EPFO
From India, Tiruchchirappalli
18From India, Tiruchchirappalli
Yes you can do that by taking special provision from the EPF dep’t after taking the approval for the desired lot you can deposit above 780 Slot
From India, Vadodara
From India, Vadodara
Dear All.
Once employee comes under cover of PF, he has to pay 12% on Basic +DA with equal contribution from Management.
But If basic + DA cross Rs.6500/- there are the folowing options.
1) Management contribution need not to be paid at all.
2) management can restrict its contribution to the limit of basic + Da of Rs.6500/-.
3) Employee can also restrict the contribution to the limit of basic + Da of Rs.6500/- or voluntarily pay on current salary since interest is attractive and safe saving.
Sundara.R
From India, Madras
Once employee comes under cover of PF, he has to pay 12% on Basic +DA with equal contribution from Management.
But If basic + DA cross Rs.6500/- there are the folowing options.
1) Management contribution need not to be paid at all.
2) management can restrict its contribution to the limit of basic + Da of Rs.6500/-.
3) Employee can also restrict the contribution to the limit of basic + Da of Rs.6500/- or voluntarily pay on current salary since interest is attractive and safe saving.
Sundara.R
From India, Madras
HI SUNDARA,
NEED MORE CLARIFICATION ON POINT NO 1 : CAN MNGMT STOP CONTRIBUTING ONCE EMPLOYEE BECOMES MEMBER???
pOINT NO. 2: IS SPECIAL PERMISSION TO BE TAKEN FROM EMPLOYEE AND/OR EPFO??
IS EMOLYER NEED NOT TO PAY MORE THAN HIS CONTRUTION ACC. TO 6500+DA EVEN IF EMPLOYEE IS CONTIBUTING MORE???
pOINT NO. 3:
IS EMPLOYER HAD TO MATCH THE CONTIBUTING PART OF EMPLYEE???
rEGARDS
MANISH GUPTA
From India, Mumbai
NEED MORE CLARIFICATION ON POINT NO 1 : CAN MNGMT STOP CONTRIBUTING ONCE EMPLOYEE BECOMES MEMBER???
pOINT NO. 2: IS SPECIAL PERMISSION TO BE TAKEN FROM EMPLOYEE AND/OR EPFO??
IS EMOLYER NEED NOT TO PAY MORE THAN HIS CONTRUTION ACC. TO 6500+DA EVEN IF EMPLOYEE IS CONTIBUTING MORE???
pOINT NO. 3:
IS EMPLOYER HAD TO MATCH THE CONTIBUTING PART OF EMPLYEE???
rEGARDS
MANISH GUPTA
From India, Mumbai
Dear Manish
Replies to your questions
1) Can Management stop contributing once employee become member??
Ans. No. there is equal contribution from both member & Company, even if employee excides Rs. 6500/- being a member the deduction will continue from both.
2) Is special permission to be taken from Employee and EPFO?
Ans. If you are deducting PF upto Rs. 6500/- and any staff want more deduction on actual basic which may be RS. 10000/- or higher rate like 20%, he need to request in writing. Now in case of EPFO earlier permission was require by submitted in prescribed format but now they only concern of voluntry PF for people less then 10 in a Company or special rate of deduction at 10%.
3) Is EMployer had to match the contribution of Employee?
If the Company is dedcuting addition PF like 12% of actual basic salary e.g. Rs. 10000/- or 20 % of basic uniformaly for other employees than yes equal contribution is required. but only few people wants to have voluntry deducyion then company can contribute to the extent of statute only.
Thanks & Regards
Shonarth Consultancy
From India, Gurgaon
Replies to your questions
1) Can Management stop contributing once employee become member??
Ans. No. there is equal contribution from both member & Company, even if employee excides Rs. 6500/- being a member the deduction will continue from both.
2) Is special permission to be taken from Employee and EPFO?
Ans. If you are deducting PF upto Rs. 6500/- and any staff want more deduction on actual basic which may be RS. 10000/- or higher rate like 20%, he need to request in writing. Now in case of EPFO earlier permission was require by submitted in prescribed format but now they only concern of voluntry PF for people less then 10 in a Company or special rate of deduction at 10%.
3) Is EMployer had to match the contribution of Employee?
If the Company is dedcuting addition PF like 12% of actual basic salary e.g. Rs. 10000/- or 20 % of basic uniformaly for other employees than yes equal contribution is required. but only few people wants to have voluntry deducyion then company can contribute to the extent of statute only.
Thanks & Regards
Shonarth Consultancy
From India, Gurgaon
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PF - TAKE HOME SALARY REDUCE NOW.pdf