Dear Ashok Babu,
You have mentioned that "As per the practise on PF Act, employee's contribution has been deducted on their actual earnings (Basic+DA+other components if any nature of their business) in a particular month (LOP accounted). But the employer contribution has been made by two ways which is equally to the employee (equaly contribution to 12% on earnings) or on the restricted wages restricted to Rs 780/-(Purely based on the company policy)."
I didn't see this provision from the said PF Act. As per the Act for both employee and employer, contribution upto a ceiling salary of Rs. 6500, which will be worked out to Rs. 780 is only statutory. That means for both employee and employer, beyond this limit is optional. But according to you for employee it is mandatory and for employer it is optional. This is contradictory. Please check and correct.
Abbas.P.S
From India, Bangalore
517You have mentioned that "As per the practise on PF Act, employee's contribution has been deducted on their actual earnings (Basic+DA+other components if any nature of their business) in a particular month (LOP accounted). But the employer contribution has been made by two ways which is equally to the employee (equaly contribution to 12% on earnings) or on the restricted wages restricted to Rs 780/-(Purely based on the company policy)."
I didn't see this provision from the said PF Act. As per the Act for both employee and employer, contribution upto a ceiling salary of Rs. 6500, which will be worked out to Rs. 780 is only statutory. That means for both employee and employer, beyond this limit is optional. But according to you for employee it is mandatory and for employer it is optional. This is contradictory. Please check and correct.
Abbas.P.S
From India, Bangalore
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls